Gaspare knows more than me about these, we're just both avid "tools" enthusiasts- but being unused is totally possible, and the leather is in great condition for the age- sure 30s or 40s imo is definitely possible, they just stopped making and using them later, but later isn't unheard of.... that being said I've seen near mint pieces from the 20s that look almost like this, heck we were looking at a spiked prison baton from the 19th century U.K. Last week with engraving and everything, it was in great shape so I think that this could have easily stood up to some years these were built for endurance and strength they aren't going to fall to pieces just like that but then let's see what G says but I like it bill
Nice piece man