Mike,
Good question. I had a Model #4-4 1/2" made last year with a smooth nickel silver collar and a leather handle. I cannot find any photos of that knife but the Randall shop definitely made it and will still make it. All collared handles have 1 spacer (black) at either end, i.e. the collar is seperated from the leather by a single black spacer and the butt cap is also seperated from the leather by a single black spacer. I'll double-check this with the shop when I go down there next week.
Hope this helps, Capt. Chris