David, it make a nice two-toned piece hilt.
Alan, agreed that most likely its a repair. In most cases, the hilt have some significant value or reason to keep it, (be it mystical or sentimental).
Kai Wee, I have a hilt in my collection with similar works.

Mine was a salvaged piece. The sheath is a replacement.
http://alamshah.fotopic.net/p32019268.html