Yes, it's the typical presentation piece, done with quite an overload of etching, engraving and damascening. The
Fabrica de Toledo (Toledo's Factory, owned and operated by the military/government and source of tpractically all the regulations patterns of bladed implements for the Spanish military since late 18th c.), besides their regular products, also produced presentation/decoration weapons, many of them imitating "historical" weapons. This one seems to be modeled after a pioneer's side weapon. pattern M1830-ish, I think, I don't have my bibliography at hand, and pattern weapons are not a field of particular interest for me, I'm afraid.
As a side note, the oval crest is a variation of the one found in the Army banners after, I think, the eighteen forties: the Royal Arms reduced to the symbols of Castilla and León, with the Bourbon ecusson and the Granada peak, under the roayl crown. The one in the banners frequently is located over a Burgundy (st. Andrew's) Cross. I think this could be the crest for the Artillery, which was, by the way, the branch of the army that operated the
Fábrica.
The other crest, with the double-headed eagle, is the crest for the city of Toledo.
