I was told this is the 3rd season TNG phaser style. I recently purchased this off Ebay from Matthew Alley who has since told me that he does not have any more. I was also told it was painted with the 'correct plasti-Kote brand automotive paints'. It has a blue, slightly holographic strip on the underside, which I think the picture shows.
Well made, solid cast resin, no moving parts, force indicator is translucent green plastic. Great item.