Yes, looks like an L48 to me. Heres one from the 1941 Western catalog.
They didnt make any of these during the War. The different markings on the blade of the Western sheath knives referring to the Patient were present in one form or the other from 1931-1950.
From what I can find in the catalogs, the post War knives were a little different and came in two flavors. An L48A and an L48B.
The L48A would look much like the knife you have but with a thin fuller added.
The L48Bs seem to only come with a shorter blade.
IMHO you have a pre-war L48. If it were my knife Id make a sheath for it and use it. Nice bird/trout knife. Id preserve the blade and handle with proper care and sharpening. Being careful to maintain the original lines of the blade. If your knife were in excellent condition Id have a different approach to the situation. Still its a well made old knife that will never be made the same way as they originally were, by a company that is no longer around and has a great history in the knife community. Over time a good knife even with honest wear becomes more desirable by those who dont have one.
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