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It looks like TERMA or TERIMA or TERUMA or something like that. But I can't find and references to those names or even using a wildcard search. Just hoping someone here might recognize the name.
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Not as much as the picture might indicate. It's "speckled" but not deep. Tried to get a picture, but it's not really doing it justice.

Found this at a flea market (how many times have you heard that one?), it was more rust than razor. Didn't do this myself, I sent it to ShaveSmith in Colorado, just thought you might appreciate the...