This item is in Near near-mint condition.  A really nice old piece. This knife has beautiful Stag and the blade has an outstanding blade etching with only very minor handling marks.  The sheath overall is in nice condition. Some minor leather cracking on the sheath locks. There is also a name etched into the leather on the reverse side.  I think it reads MANN but I am not totally sure.  You can see it in the photos of the sheath. 
The really nice thing about this knife is the exceptionally rare sharpening steel and combination sheath.  Nowadays, it is so rare to see one of them and it is a good opportunity to add one to your collection.