It looks to me as if it has been made from a keris or tombak blade, not necessarily a mark against it, it could well have been a pusaka that the original owner wanted as a part of his court dress.
Workmanship appears to be fine, everything that can be seen is correct and fine quality.
I would be inclined to accept it as having been made with the intention of wear as a part of court dress --- a wedung has no role outside of court dress.
Since the blade is pamor, and dress style seems to be Surakarta, it is possible that this wedung was originally made for a prince, the externally visible red stones in the scabbard ornament would seem to confirm this.
I doubt that it is particularly old, possibly late colonial era or even as late as the 1960's.
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