The Waterman's 515 was one of the first post war pens thet became the 'flagship' model.

Thsi pencil was part of a small batch of pens and pencils from a long defunct stationer's shop. There is a tiny mark on the cone but is otherwise in as new condition. The plating on the clip and cap rings is pristine and the eraser is unused.

The original price sticker identifies the by pencil as a 'P.515' selling at 21/5, including purchase tax.  

The pencil is a rotary mechanism, operated by twisting the cone to expel and retract the lead.  Thge eraser, which has solidified through age over the last seventy odd years, is accessed by removing the cap, a metal threaded screw fit.

Spare leads are stored in the cap and are accessed by removing the eraser..

The Watermans P 515 pencil is of very high quality, it could complete a 515 pen/pencil set or be used as a reliable and stylish every day vintage pencil.