Yes the scabbard is designed for the thin blade. The blade (24cm long) is actually quite sharp and would be suitable for food prep work if reincarnated as a kitchen knife. I have started to work on the rust but haven't cleaned the hilt or scabbard. I think what you are seeing as polishing compound is just reflection from the silver coating on the copper metal work. I can't tell if it is intentionally two-tone or if the silver coating is just worn off. The contrasting copper and silver may look nice polished up a bit but I'm hesitant to remove the copper patina. The piece on the foot is bone and seems to be an unnatural yellow hue. There is visible glue from sloppy work attaching it. Shame that it may diverge stylistically.
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