I was reading that the V was added when they got to gun # 1,000,000. They then added the letter prefix.
Wiki says:
Victory Model[edit]
The S&W Model 10 military revolvers produced from 1942 to 1944 had serial numbers with a "V" prefix, and were known as the Smith & Wesson Victory Model. It is noteworthy that early Victory Models did not always have the V prefix. During World War II over 570,000 of these pistols were supplied to the United Kingdom, Canada, Australia, New Zealand, and South Africa under the Lend-Lease program, chambered in the British .38/200 caliber already in use in the Enfield No 2 Mk I Revolver and the Webley Mk IV Revolver. Most Victory Models sent to Britain were fitted with 4-inch or 5-inch barrels, although a few early versions had 6-inch barrels.[5][6]
The Victory Model was used by United States forces during World War II, being chambered in the well-known and popular .38 Special cartridge. The Victory Model was a standard-issue sidearm for United States Navy and Marine Corps aircrews, and was also used by security guards at factories and defense installations throughout the United States during the war.[7]
Some of these revolvers remained in service well into the 1990s with units of the United States Armed Forces, including the Coast Guard. Until the introduction of the Beretta M9 9mm pistol in 1990, U.S. Army helicopter crew members and female military police officers were equipped with .38 caliber Victory Model revolvers. Criminal Investigation Division agents were issued .38 caliber revolvers with two inch barrels. The Victory Model remained in use with Air National Guard tanker and transport crews as late as Operation Desert Storm in 1991.[8]
Some Lend-Lease Victory Model revolvers originally chambered for the British .38/200 were returned to the United States and rechambered to fire the more popular and more powerful .38 Special ammunition, and such revolvers are usually so marked on their barrels. Rechambering of .38-200 cylinders to .38 Special results in oversized chambers, which may cause problems.
The finish on Victory Models was typically a sandblasted and parkerized finish, which is noticeably different from the higher-quality blue or nickel/chrome finishes usually found on commercial M&P/Model 10 revolvers. Other distinguishing features of the Victory Model revolver are the lanyard loop at the bottom of the grip frame, and the use of smooth (rather than checkered) walnut grip panels. However some early models did use a checkered grip, most notably the pre-1942 manufacture.[10]
Another page says:
Most people recognize the name “Victory” revolver, but the history is just a smidge complicated. Let’s go over just how this .38 six shooter made it into WWII.
Early in WWII the UK contracted with S&W, and paid a large advance, to develop a light carbine that would serve a role similar to the M1 Carbine. Unfortunately, S&W’s work wasn’t up to the inspector’s standards and the project was scrapped. When the British demanded their advance back, S&W couldn’t pay, having spent it on tooling up and initial production. Instead, in 1940 an agreement was made to produce their K-frame M&P revolver in .38 S&W at a reduced cost in large numbers to repay their debt. The .38 S&W chambering shared the same dimensions and was easily strong enough for the British .38/200 cartridge, which made these interchangeable with their Enfield No.2 and Webley MkIV revolvers.
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Victory Enfield Comparison
S&W M&P (Canadian Contract) alongside a British Enfield No.2 MkI*
In 1940 the U.S. Navy was expanding fast and had placed orders for thousands of S&W Model 1905s with lanyard rings. While these are not exactly Victories, they are nearly identical. These revolvers were marked on the backstrap with “U.S.N.C.P.C.” and were issued to free up M1911A1 pistols for front line use (keeping just one pistol cartridge on the battlefield). These eventually became popular with aircrew for their lighter weight and smaller profile.
US SandW Victory POV 1kNow, with the beginning of the Lend-Lease program we see British S&W revolvers marked “U.S. Property.” This was basically some political loop hole jumping and these guns, chambered in .38 S&W and bearing British markings, didn’t serve with the U.S. But, once the Army entered the fight and began procuring its own version of the S&W M&P in .38 Special, the mark stayed.
Being manufactured for both the Army and Navy, the M&P revolver hit the 1,000,000 serial mark. Generally this is solved by instituting a letter prefix, beginning with “A”. But as a nod to the war effort, a “V” was assigned, for Victory. This gave the M&P, as used by the U.S. and allies, its nickname.
