Another review, courtesy of Christopher!
He writes:
"As a long-standing vintage pen collector, I have grown to realize that it is not always the larger writing instruments which can be most favoured. In fact, while out and about, running across this fine early 1920s Waterman's 50s series pen and mechanical pencil set which I am featuring, well, it had me stopping dead in my tracks. May I relate that the very smart and wise development of the Waterman 50s series, that first saw the light of day in 1917, was brought about with the development and introduction of the Waterman's new and innovative 'Boxed' lever filler. Oh, sure the Sheaffer company took the lead with this newly introduced filling mechanism in 1908, but with Waterman surrounding it in a protective box, as far as I am concerned, it just added up to a better lever filler final solution. Also, with Waterman's hanging the inside pressure bar off the inside end of this lever filler, it equaled a more substantial method of putting an even amount of pressure on the inside ink sack, to fill and remove ink from the pen. It also added to the longevity of the pressure bar life span, which, in a lot of cases, I find intact with the vintage Waterman pens I am restoring and servicing."
(photo courtesy of Christopher ~ please click on image to enlarge)
"But in turn, I think the real focus here should be on the make-up of the writing instruments in this set. First of all, the Waterman numbering code, found on the end of this fountain pen, is 52 ½ V, which indicates an overall small size, but this can also be applied to the mechanical pencil as part of this fine set. Still, there are a number of very good reasons why these two items (pen and pencil) relate. While the fountain is finished in a 'mottled woodgrain' on its cap and barrel, the pencil leans toward the Waterman red 'Ripple' in its finish. But this is further complemented by the grip section on the fountain pen, which is a matching Waterman red ripple. And to top off this relationship, both pen and pencil sport similar 14K Gold filled cap banding. Finally, and comparably, both writing instruments have a matching chatelaine ring atop their caps.
The fountain pen, being a 52 model, sports the Waterman boxed lever filler in keeping with the Waterman coding number 5 and in turn, on an early Waterman 'Spoon' feed, a small but rather impressive super flexy Waterman Number 2 (relating to the final digit of the Waterman number coding) 14K sold Gold, Ideal nib. As for dating, this lovely little set, with the mixture of finishes, has its production Circa 1925. Strangely, I have found that a good number of vintage pen enthusiasts tend to feel that the small size of this Waterman model does not lend itself to perfect penmanship. To this, I would have to differ, in that if a Waterman 52 ½V fountain pen is posted, it sits extremely well balanced in the hand. To this end, the fountain pen here measures posted, 5 ¼ inches, with another small bit for the chatelaine. Admittedly the mechanical pencil, as a mate to this fountain pen is a shade on the small size but, like the pen, works just fine. It duly measures 3 ¾ inches, with once again and matching the fountain pen, a short bit more for the chatelaine ring. Personally, I am just thrilled with this nice little Waterman set, which will become a noteworthy part of my vintage pen collection in the Waterman department."

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