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Lol, I hate the way those knives were built. I've got one I built a handle for years ago. A friend brought one just like yours with the same problem. The largest problem with the way these were constructed was they just drilled a round hole all the way through. After time the leather washers would degrade and the handle would spin.
Pick you out a nice piece of wood or if you have a piece of stag you can combine or use just one. Drill it out the size of the threaded section and work the rest so the handle will slide on. Looks like your missing the pommel cap but have the threaded nut? You can silver braze that nut onto a piece of brass or steel to make a new one (doing that will be much cleaner in the end). Fill it in with epoxy and clean it up.
Like the others said, it's deeply pitted so about all you can do is scotch bright it.
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