Afterthought:
From a collectors standpoint, it is not necessarily valuable, however if your grandfather or the like brought it back from the war it is a priceless heirloom.
My advice, breathe a little bit of life back into it! soak the frog in some saddle oil for 12 hours or so, pull it out and wipe it down. That will cause that leather to rehydrate and become supple again.
Use a BRASS wire brush and an abrasive like brake cleaner on the blade (paying attention not to get it on the handle!)then scrub it down with the brush, wipe it completely clean, then use a good coat of Rem-oil, Hoppes No. 9, or even 3-in-1 to prevent future corrosion.
Then use some fine sandpaper and some BLO (boiled linseed oil) on the wood. It will prevent cracking as the wood dries out, and will restore the original weatherproofing and color that the arsenal intended.
Depending on what your mechanical background is you may have all these items on hand, if not you could round up all the supplies from places like Lowes/ Home Depot and do it for like 15 bucks.
My 2 cents.
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