Codger_64
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Waldemars, also referred to as skeleton knives or fob knives, were a popular feature of mens fashion for many years in the 1800s and early 1900s, during which time pocket watches were an essential part of a well groomed gentlemans wardrobe. Most pocket watches were carried in a vest pocket, an attached chain (waldemar) preventing loss or theft.

These chains were sometimes quite decorative and ranged from base metal to gold or silver plate, or even gold-filled. There was a clasp at each end, one for attaching the watch and the other for attaching a fob.
Fobs could be a simple decorated metal plate, a cast fraternal emblem, a photo locket or something functional like a matching knife with a shackle. Chains could be one long chain, a single Albert (with the chain swagging from the right pocket to the left), or a double chain, a double Albert ( two swags), with a T-bar or clasp on the center chain for attachment thru a buttonhole on the gentlemans vest. Some vests were even made with an extra buttonhole just for the waldemar attachment.
The use of a small ornate knife as a watch fob became very popular around the turn of the century. Several cutleries trace their beginnings to satisfying the market for skeleton knives used by the jewelry industry. The finished, unhandled knives were purchased by the jewelry manufacturers and their workers installed fancy covers on them, sometimes wrapping tooled gold sheets over nickel silver, brass, or sterling silver covers. Some of the less expensive ones were simply gold plated. A blank cartouch (shield) was often left bare on one side for custom engraving.
When wristwatches (first called strap watches) began to appear, around the early to mid 1920s, pocketwatches began a slow decline out of fashion and with them, fob knives. By the 1950s, pocket watches were relegated to nostalgia pieces.
According to author David A. Krauss in his history of Queen Cutlery, that company got its start making waldemars:
In an interview with Felix Mirando found in The Pocketknife Manual By Blackie Collins in 1976, Collins gives us the start of Imperial Knife Company, likewise producing waldemar/skeleton knives for the jewelry industry.The company (Schatt & Morgan) was further crippled by the 1922 firing of five of their most skilled workers, all supervising department heads. These were the men who in that same year would incorporate their own business: Queen City Cutlery Company. These department heads apparently had been making skeleton knives (knives without handle scales) on the sly since around 1918 and then wholesaling them out on their own. They were discovered in 1922 and promptly let go. The Schatt & Morgan work force subsequently dropped about thirty percent, or from about ninety to sixty workers that year, probably as a result of firing those supervisors.
Those men, incorporated as Queen City Cutlery, moved about a mile away and began manufacturing cutlery themselves. Ironically, as noted above, on August 21, 1933 Queen was able to purchase the business and all its contents at a sheriff's auction.
Mirando: Our beginning was very humble and small. Up until, well, almost up until 1920 every pocketknife made in this country was still handmade. Drilled by hand, forged by hand and ground by hand. Naturally, our methods were exactly the same as those of every other factory. My brother and I worked by hand ourselves and then we started to bring in a boy or two. Within six months we must have had at least seven or eight employees.
Collins: And you were turning out how many knives?
Mirando: Oh, just a matter of maybe a hundred dozen a week. At that period, of course, we were not making the so-called complete knives or jack-knives. What we were making was a skeleton type of knife that was used by the jewelry industry. They bought the skeleton knives and then they finished the handles themselves. The knives were known as Waldemar knives and were used on the end of a watch chain.
Mirando: How did I deliver them? When the first gross of knives was completed for a concern in Attleboro-jewelry manufacturers-I got on the trolley car in Providence and went to Attleboro and delivered them.
Collins: And that was from over your uncles garage, wasnt it?
Mirando: Yes. We moved and rented a small space in this building in June of 1917. All the buildings here were sublet to different companies. For instance, one little jewelry factory would rent 5,000 feet of floor space, a half floor, or one floor. In this building alone there might have been ten or fifteen different tenants. So, we came in as a tenant and rented a small space.