@sajen Using Acetone in this case is probably not a good idea. First i don't know what the black stuff is. Chances are that contact with acetone will create a big mess. Second, while acetone doesn't attack wood it might attack whatever oil was used to stain the wood and thus change the stain.
Third if the acetone solves the lacquer i will have a sticky laqcuer solution on the hilt that might be harder to remove than the brittle lacquer.
@Tim you are probably right. "POLYURETHANE" wouldn't be as brittle like this and it has light yellowish color. My first guess would be that it is a thick layer of varnish based on lineseed oil.
But as brittle as it is, i can easily scratch it of with my fingernail and use a needle for the carvings. The wooden area would not be the problem. I'm unsure about the black area. Depending on what it is it might degrade without protection by the lacquer.
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