I received this Ulster 114 in the mail yesterday. Fished it out of the bay, and it is like new. The blades have never been re-sharpened, all have awesome snap, and handles are like new & show no wear. The handles I believe are delrin, but not sure. Looking at them through my 65x lighted loop, the sides do not have the smooth even lines of delrin, they almost seem fibrous, and have a deep clear crystaline structure on the side cuts. Could it be wood with maybe some kind of epoxy stabilization??? I believe this knife has never been used. Besides the low price ($25) I also liked the "West Point" blade etch, plus.....what's not to like about a utility / camp knife. The blades are not stainless, I did the toothpick / gun blueing test on the kick of the punch and it blued instantly. The tang tamp on the spear blade is simply ULSTER over USA which was used up until the early 1970's. I know nothing about the pre-ownership of this knife, but wonder if back then it could have been offered through the West Point Military Academy gift shop? I did nothing to his knife other than wipe it down and oil the joints. Here are some pics. Excuse the shots, been raining here for two days, so indoor lighting.
Sometimes I Sit and Think
.... Other times I just Sit
I May Grow Older, But I refuse to Grow Up!!
I'll sharpen it for you, but I don't give out band-aids!!
Smitty
I had never heard that term before or didn't remember it. It has been about 30+ years that I have been out of country. 
Other than that, is a sweet little 3" Lock Back with a very strong spring tension. It has beautiful wood handles & was only like $14 shipped. I have added a leather lanyard this morning that I will post pictures of in the lanyard thread. Thanks for looking friends!