While the hamon appears to be legit, i.e., the blade looks to be differentially hardened, there are plenty of differentailly hardened contemporary - and commerical - katana that would make a nice template form which to make one of these... With that in mind, I see a couple 'red flags' right off the bat... the displacement between the mune machi and the ha machi appears extreme IMO, and while at first glace I would think this to be a cut-down katana - which would explain the mekugi ani having been drilled through the mei - the mei wouldn't have existed where it is if this were the case...
Maybe reduced from the machi and re-profiled and re-tempered (not sure if or how the kissaki could be reprofiled though or if this is even done) ?
Another concern I have is that the patina
inside the kanji looks new relative to the patina of the nakago, suggesting (again IMHO) it is gimei.
However, please accept my input as being worth exactly what it cost...
And please understand I am only looking at this as if I were considering it for myself, which means (especially when it comes to nihonto) I am looking at it with an awfully critical (and even somewhat skeptical) eye.
I look forward to hearing what Rich has to say about this, as he is the resident authority on nihonto.
