Here's a great little WATERMAN ladies ring top mechanical pencil in red hard rubber and from about 1925.  The slender pencil is 4" long with gold filled trim. It has been well used, but remains in excellent condition. The only markings on the pencil are imprinted at the top of the cap, worn and difficult to read. It is, in 3 lines,  "WATERMAN'S, PAT OCT.14 1924,  RIPPLE."  There are no flaw to the rubber surface or the gold filled trim.  The ring top screws off for access to the lead magazine which has extra .046" lead. Lead advance is via tip twist which works fine but as with most of these, requires push back for lead retraction. Uses very short lengths of lead.

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