Tim if your purpose is to have a pristine display then adding a new knot, possibly refinishing the sword, it's up to you.
For myself I collect originality, I do not disassemble or replace parts as originality to me has more value. I do value a conserved sword having corrosion removed.
Typically leather items degrade and much of it has been disposed of before you acquire a sword. Original sword knots in decent condition have value, they are only original once.
There are completely refurbished swords either for display or current use by an officer. That serves a different purpose than collecting original swords.
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