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These were my thoughts as well,but Camillus did change the steel to stainless after their purchase of company, right?I'd tend to agree with jb. I don't see them changing the steel at that point. Coleman didn't change the plant. According to Wiki, the plant etc were spun off by Coleman to an investor group in 1990, who later sold the whole kit and caboodle to Camillus in 1991. So I'd guesstimate that the blade steel remained the same.
Let's try this in the Traditional Forum. Likely somebody there knows more than I do about it.
The "M" is the date code for 1989.specifically "M" labeled model W39...