I have seen P38 listings with the serial numbered XXX'ed out on the text to the ad but the pictures clearly show the serial number. I cant figure that one out.
If this was the case the gun is contraband and it couldn't be legally sold anyways. Once a gun is altered like that, it becomes a "hot felony potato" and you might as well destroy the frame and sell the parts.
Not always true.
If you remember the recent story of the Bonnie & Clyde guns that went to auction, the Colt revolver was recovered from Bonnies corpse with the serial number filed off. The ATF assigned a new serial number and stamped it into the gun, thus making it legal again to possess.
Sort of the same way the RMV assigns a new VIN to a stolen/recovered car after the original VIN has been removed.
If this was the case the gun is contraband and it couldn't be legally sold anyways. Once a gun is altered like that, it becomes a "hot felony potato" and you might as well destroy the frame and sell the parts.