Spacer ?

But shouldn't it be black? Knife is an 88
Age and dirt can darken the spacers, but the micarta spacer has a reddish orange color. The spacers you will see are leather (late 50s to early 60s), hard fiber (early 60s to late 60s) and micarta, like yours (late 60s to present). Sometimes it takes good lighting and magnification to see the difference between hard fiber and micarta. Another thing to remember is the number of spacers has varied over the years.

1 leather spacer.png2 hard fiber.jpeg3 micarta.jpeg
 
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