The blade seems well made. It seems to have a mix of mokume and nagare hada (folding patterns) and a hamon (temper line).
The blade appears to have been neglected badly. The nakago (tang) has deep rust, and the blade looks like it had a lot of material removed (probably due to rust) while the habaki (collar) was still on it (which is why there rust where the habaki rests), probably done by someone without any experience polishing Japanese style swords. The rust on the nakago also seems peculiar. The pitting is worst on the omote side in the spots where an arsenal stamp or signature would most likely be. Seems almost artificial, as if to hide a signature. That said, the splotches of pittic across the nakago, and dirt/ rust in the the scabbard may also just imply the blade was submerged in mud at some point in its working life.
Because of the polish, I cannot tell if it is a genuine complete traditionally made nihonto or just a nicer military showato. Still a nice project piece, with plenty of meat left on the blade.
All parts fuchi, seppa (spacers), tsuba, saya, etc have matching production numbers. It looks like the original tsuka core was lost, so a vet brought it back with a much bigger one as a place holder. One nakago hole is original
Cash only, please and thank you
Nihonto Showato Gendaito Unusual Type 95 Shin Gunto Katana – $900