Western W-49 Help

[OldCABear]

I just bought a Coleman-Western W-49 and am wondering what the steel is. According to the date code (M) the thing was made in '89. The description of the knife said "high polish blade" but I'm wondering if it just wasn't a cheap chrome job over a coarse grind. The underlying surface finish is pretty rough and looks like a 40 grit sanding finish. Rather than touch off an area with a wheel and ruin what's there, I thought I'd ask you guys first to see if I've guessed right.