Colton- no doubt someone will come along and give you more info on the knife. But you didn't say; did he give this to you new, meaning it would be 10 years old, or was it passed down to you from his collection, which would make it anyone's guess at its age?
Regardless, if my grandfather had given me a knife, I would have loved it no matter what it was. My father did give me my first knife, and I have it today, 50+ years later! Dad wanted me to have a knife to use for all the things a guy needs to do; make kindling, whittle my first pinewood derby car, carve you name on stuff, learn to sharpen, use on camping trips and all other kinds of things a guy needs a knife for when he gets his first. So it is possible to hang onto them if you try.
I have waaaaay to many knives now (although not near as many as most here!!) and some were pretty costly to me. But the old knives that belonged to my Dad and Grandfather are my most prized. My first knife and a couple of others actually come in second.
I wouldn't care what anyone told me about your knife. I would use it well for a few years, and then work it into the daily rotation with new aquisitions. At some point, I would start thinking of handing it down, but no doubt your grandfather thought you "needed" that, so you should use it and put your own imprint on the knife. It will make it all the more valuable to the person that receives it later on in life.
Just my 0.02...
Robert