Yes, penny knives are the top of the traditional folding knife if one gets technical, but between the lock blade and slip joint, I think the slip joint wins by a mile if you consider how common they were compared to the lockable. In the old days, near everyone had a slip joint in their pocket, but lock blades were not that common. From the mid 1800's to the mid 1900's, the lock blade was maybe uncommon if you compared it to the zillion patterns of slip joint pocket knives made in both Americana and Europe. Of all the knives produced in Sheffield, what was the percentage of knives that were slip joints with multible blades vs a single blade locker? And all those European working class folders sometimes called peasants knives, sheppard's knives, folding butcher knives, and penny knives?
I think if you look at pre WW2 pocket knives in America, most of them are slip joints. Barlow's, stockman, pen, jacks, trappers, teardrops, whatever.
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