I believe there were two versions. One was a starter match rifle with match aperture sites and a match stock. The other was a sporter rifle about like an R7, with sporter stock and regular iron sites. I used to have one of each if I remember right. They were nice little rifles and very accurate.
Bob in WV
This page has links to a bunch of Walther factory diagrams:
http://www.carlwalther.com/page2.htm
As Bob noted, there were both sport and match versions of the LG 53. Which do you have? Are you having a particular problem with it?
The prefix only indicates pistol (LP = Luftpistole) or rifle (LG = Luftgewehr).
Internals are the same for LG51, 53, and early leather-seal 55 - however the 55 has a different (better) trigger package. I'm not sure, but you may be able to swap triggers.
These classic guns are low-stressed mechanisms, easy to work on, and usually only the leather seal and spring may give out over time. Great low-power guns in a similar category as HW30 or HW50.
As oldair said, “LP” and “LG” are just the typical notation to distinguish between pistols and rifles. You will see these on the owner’s manual and other factory literature (and used between us nerds that are into such things), but they are not stamped on the guns. I guess Herr Walther figgered it was easy enuff to see which one you were holding, LOL. ?
In terms of sheer physical quality of materials and finish, these are among the very finest airguns made since WW2. Like all guns they have their quirks and weaknesses, but as Jim said they will last forever with knowledgeable care.
The LG 51, 53, 55 series all use basically the same receiver and barrel, which is actually a bit smaller than the HW 30 (R7). But the stocks, triggers, sights, and other details and accessories were tweaked over time to make an amazing variety of different models. The later LGV family also shares quite a few parts.
As Oldair and Mike have noted, these are wonderfully engineered, low-stressed air rifles, and very little will go wrong over many, many years, even generations. Replacement mainsprings are easy enough to find, but please, please, PLEASE don't try to stuff an overpowered spring into this elegant package. As far as the piston seal is concerned, 90% of original leather piston seals can be rejuvenated. Just do a search. If your gun falls into the rare 10% where the leather main seal is beyond repair, they are easy enough to make at home with simple hand tools. Again, do a search, or send me an email. Pay close attention to the breech seal, but even these can be rejuvenated, or replaced with a modern o-ring. But if you choose that route, diameter and thickness become more critical than with leather. The beauty of a fully leather-sealed air rifle is that the parts work themselves into conformance through use. Some one once said a proper spring rifle has three ingredients: steel, timber, and hide.
The only death knell of a fine old Walther would be overly worn trigger contact surfaces, but this is extremely rare. Keep us posted on your adventure. We're here to help, and there are still a few of us who appreciate these fine old girls.