Actually, this piece looks real to me. Most of the fittings (i.e. suspension bar, chape, etc) are new reproductions and poor ones at that. The guard and pommel look original (or at least old). However, the blade itself shows an higher carbon insert edge and is made of pattern welded steel with lots of slag inclusions evident in the pictures that is typical of late Qing work. (I have some thoughts about this dealer which I can share via PM, if anyone cares). I've some similar pieces in the past which, when etched had some very pretty patterns. This particular piece is pretty broken down and probably has seen a lot of abuse in it's day.
The questions is whether it was meant for use as opposed to many made for street performance or training by civilian martial artists. I have a few examples of dao that were pattern welded with insert edge AND differentially hardened with spines only a 1.5 mm thick at the forte. These according to Mr. Tom were pieces intended for performance. This piece in question looks pretty beefy, but given the amount of patina sanded off.....
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