Thank you for submitting your item for appraisal. This appears to be a "Toledo" sword style souvenir letter opener from Spain, second half 20th century. Pommel, Grip and Guard is cast metal, chromium plated, the grip inlaid with mother of pearl, the blade is chromium plated metal, possibly stamped and not etched. There are traces of gilding. It basically is an expensive travel souvenir. The estimate is based on similar items sold at auction.