The W.R. Case & Sons Cutlery Company has a very rich history that began in 1889 when William Russell (“W.R.”), Jean, John, and Andrew Case began fashioning their knives and selling them along a wagon trail in upstate New York. The company has produced countless treasures and it continues to do so as one of the most collected brands in the world.
Hi I think you are correct. It may be an original USA 32048 that had bad handles and was sent to the Case factory for a rehandle so they used modern yellow Delrin with the new shield. Even into the USA/10 dot era the original yellow material that Case used (was it Delrin? I do not know) used to shrink up badly if the knife was not stored properly. So you will see a few of them that have been rehandled.
Steve Pfeiffer, author of Collecting Case Knives: Identification and Price Guide published by Krause Publications.