I've searched and not come up with a situation that is quite like mine.
I have an old henkles cutwell that's in good condition, a little tarnishing on the blade but I've decided to live with it instead of losing the gold leaf.
Anyway one of the things I like best about this razor was the feeling of quality I get from it. It's had years of use and it still opens and closes with just the right amount of resistance and it's still perfectly centered in the scales.

But the scales stink. They're in great condition and dont appear to be causing any harm to the blade, they just stink like burning rubber when they're wet. (Not burning hair or vinegar).
At first I assumed the smell was from the polish I used on the blade, but instead of fading as I used the razor it seems to be a little stronger, and it's at its strongest when the scales get wet. At the moment I have to have the scales nearly at my nose to notice the smell but this morning I could smell them as I shaved my neck, and it seemed to linger too. I could swear that I could still smell it on me hours later.

Someone's suggested wax to seal the scales in another thread and I think I'll try that if no one's had the same experience and has the answer.