The pen above looks like a commonplace Waterman 52. Flip it over, and you will see that it isn't a working pen at all, but a dummy made up for window display. Real pens left on display were always a theft risk, dummy pens, much less so -- and display dummies also kept the real pens from being faded by sun exposure.
Dummy pens were often made up from rejected parts, and this one is no exception. In this case, the barrel isn't even a Waterman, for it bears a clear Aikin Lambert imprint. And though a Waterman lever box has been installed, it doesn't fit quite right since there isn't a cutout at the end of the lever slot, as the Aikin lever was of simpler form. By this time, Waterman had owned Aikin Lambert for a good ten or fifteen years, and production facilities had long been consolidated.
If you look more closely at the finish of the smooth part at the end of the barrel, you will also see another dummy-specific feature: the pen has been painted black, to better resist fading while in a shop window. The paint is partially worn off here, and another patch of wear-through is visible on the cap top as well.
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