First impressions... From the photo the scales look a little sad BUT you can probably bring them back to a nice shine by cleaning them with a cream abrasive like you would use on your car finish. The blade looks like it’s in great condition and probably was NOT restored, looks like it’s in original condition. The jumps on the top still have red coloring inlaid, don’t know if that’s supposed to be brighter or match the scales but it’s cool. Solingen Steel is usually good stuff and always worth $5. The blade doesn’t have shoulder stabilizers to make honing a problem...in fact the blade design looks like it would be a dream to hone so it wouldn’t matter if the edge were shave ready or not.
Thoughts: if you intend to clean it up, remember the red colored inlay on the tang. If you use a polish you may rub that inlay right off... no big deal but it’s kinda cool and the tang isn’t all that bad. You can spot treat the spots on the blade with Q-TIPs and various abrasives/cleansers. Determine what your goal is before doing anything, is it to “restore to perfection” or to clean and prevent further deterioration? I would focus on cleaning and protecting (polishing the scales) then hone and shave.
I say you scored BIG TIME, great wild find for a great price.