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I was thinking the same, made after WWII using left over blade stock. Though the phrase has been used by other groups, also.Means "Blood and Honor" which was the motto of the Hitler Youth. Not sure why it is on a Boy Scout knife, maybe used left over blades? John
Its not all that old really. The cheap gray leather with black finish says 1980s 90s to me. I have a similar knife, same construction, that dates from the late1990s. They were available with a host of different markings.I was thinking the same, made after WWII using left over blade stock. Though the phrase has been used by other groups, also.