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To me it seems to have been very gently used, I think I see some water spots. But very lightly, I would probably give it a good stropping on linen and leather and have at it.

I don't feel they are undervalued. Henckels was among the most prolific razor makers and it shows: there are a lot of them around, still in good shape; that goes for the Friodurs as well, right now...