We talk about no two Randall Made Knives being the same.
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I like the shape, color and more uniform "bark" of the stag on the top #12. Looks like the leather washers are either fewer or thinner than the bottom knife giving more space to the stag.
I like the thinner guard and larger diameter grip of the bottom #12.
As for the blades the only difference I can see is the deep Randall stamp on the bottom blade. We have discussed that elsewhere on the forum. Seems it is found on some newer blades.