Roaring back into the light from the 1920s is this sterling silver Waterman pencil with the Sheraton design. It is new old stock with minimal traces of wear. The lead advances with a twist of the plastic nose cone. None of these pencils actually retracts the lead when twisting the other way. It needs to be pushed in. However, the lead seems pretty snug in the pencil. Unscrew the tail cap to reveal the spare leads. 13.1cm capped.