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Yes it does, if you look at the first pic you can see how the tang will swivel into the shaft of the blade to lock the guard and unlocked to flip over.

However you accually shave with the blade to...

Found this razor while on vacation in Virginia. A straight with guard.
It had some rust and chipped blade, but I figured for $17 bucks I'll see what I could do with it.
First took it apart and...