I have the feeling there was not a wax resist done. If you look at the transition border between the polish and etched area, as well as the lamination hints in the tip, there is a raggedness that is very consistent with after the fact polish vs a more precise wax resist. Also, the polish of the rest of the blade has a very odd grit look, not really typical to these pieces. Looks like an aggressive modern stone vs older pieces. I dunno, hard to explain, Ive just polished enough of these swords to recognise the look.
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