see The Complete Book of Tokarev Pistols 2020, by Cameron S. White, Chapter 4, pages 85-96.
GB SOLD source: https://www.gunbroker.com/Item/890719796
Gunbroker Item Description
Hungarian 48M Tokarev Semi-Auto Pistol by FEG
This auction is for a Scarce Hungarian 48M Tokarev Semi-Auto Pistol by FEG (7.62x25mm Tokarev). It has a 4 1/2" barrel with a bright excellent bore. The metal surfaces of this "02 54" coded pistol retain about 96-97% original blue with the top of the slide showing a few scattered tiny spots of minor oxidation staining and a small pinprick pit near the front sight, a few scattered light dings and minor handling marks. All markings remain intact and strong with the right side of the trigger guard showing an off-struck Hungarian military proof mark and most of the major components stamped with "02" factory codes. The grooved black Bakelite grips with Hungarian Rakosi-era coat of arms remain in very fine condition showing a few scattered light dings and handling marks. All of the serialized parts are matching and the action seems to function well mechanically. The pistol bears no import marks or added safeties and remains in its original military configuration. The pistol includes its original pair of magazines stamp-numbered to the gun that rate near excellent, "02" coded cleaning rod and original brown vinyl and leather flap holster that rates very fine to near excellent showing some light wear along the leather straps, minor handling marks and an illegible blue ink stamp on the interior. This is a wonderful complete rig that would make an excellent addition to any military collection, original Hungarian Tokarev pistols are almost never seen in this country. C&R eligible.
So here is the photo documentation. Hungarian Tokarev M48 1954
Now, if I only could find a fool at a gun show that had one on the table at $600