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That would make the most sense to me.

Surgical steel today refers to stainless steels which really did not make an appearance in cutlery till post WWI as far as I have read.

Then there is the...

What do I think? You have a very fine pair of razors likely made by Arthur Arnold around the turn of the 20th Century and sold from his shop at 61a Piccadilly London England. They are in all respects...