I bought this Blade today at an antique store. Some idiot polished it with a buffing wheel, but it looks like it could be worth having it professionally repolished, because it is definitely an original folded-steel blade. Even with the nearly "mirror" buffing it recieved, the grain is very obvious.
Although I don't know much about Japanese Blades, I do know this is not just a cut down NCO sword. My Grandpa has a "Type 98" that he brought home from the war, and while it has the Rayskin and cord wrapping, it is not a folded steel blade.
The Nakago has been cut off just past the Mekugi hole, so only part of the signature is left. I'm not sure if this blade was modified here in the US, or done in Japan. I would say the buffing was done by the antique dealer, but I don't see any reason why anyone would have cut off the back of the Nakago.
Can anybody tell me what I have, and whether its worth paying to have it professionally polished?