S&W Model 1905 - special signs

The hammer also^. Perhaps Hermanos Orbea (Orbea Brothers).

During WWI the Spaniards were building guns for the French in their 8mm caliber. After WWI this particular machining lent itself to the .32-20 caliber and the U.S. market.

In WWI, the combination of long bolt action rifles and trench warfare led to a demand for handguns. The French bought quite a number from Spanish firms.

Given the lanyard ring it is a likely story.

A number have shown up in this country in .38 Long as well. As far as dating it predates Spanish proof marking. When that began I cannot say.