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It's a rabbit pelt. My friend Roy (cudarunner) thinks I can restore this one, so I may give it a shot.

I've done a little detective work and the date 1865 is on all the Henry Sears & Son razors. It's when his company was established not when the razor was made. Also I just saw that the letters REX are...

That surprised me too. It looks like it has never been honed. Heavy patina and light rust.

I was at an antique show downtown on the square and ran into this at a booth. The tang was covered with a stick on price tag and the guy wouldn't let me peek.
The price was right so I went for it....