I'm in the camp with those who see that pipe as one that was well loved instead of one that was badly "restored." Back when I was growing up, al least within the family and social circles I traveled in, pipes were simply instruments for burning tobacco and not collectible items or fashion statements. You threw down $5 or so for a pipe and smoked it until you either threw it in a drawer or threw it out. I never heard of anyone restoring a pipe. Repaired, yes; restored, no. At least that was how it was in the blue collar world of my youth. I'll bet the prior owner who circumcised that pipe did it because he loved the way it smoked and didn't want to give it up. I'd also bet that he was pleased with the result because it probably smoked just as well for him after the procedure as before. That pipe has history, it has pedigree like any other. It's a lot more than just old and ugly.