The Waterman's 515 was produced, in the U.K., in the late 1940s.  This propelling pencil, finished in a dark Burgundy is a super example.

The Burgundy colour is a rich, deep brown with a reddish tinge, it doesn't show particularly well in the photographs.  It has a 'showroom' finish which complements the Gold filling, which has held up very well, perfectly.  There is no imprint, as is often the  case, but the ring of indentations on each edge of the cap band identify it as a 515. 

The pencil is in good working order, the lead is expelled and retracted by turning the cone.  New leads are stored in the cap and can be accessed by removing the eraser which seems to have had very little use. 

The 515 was Waterman's flagship product at the time and this pencil certainly shows the superior quality.  It would be very hard to find a modern pencil to compete at anywhere near the price.