Jim,
Another possibility, especially with a knife this clean and lacking a like-condition sheath, is the possibilty of it being a "Leschorn" project. It has the appearnce of an early Leschorn to me. Tom was allowed to receive finished blanks from the shop and handle them himself. Quite often they were lacking a sheath. Tom loved to use pinned butt caps.
Just sayin', Capt. Chris
PS: Many early Randalls that Tom assembled were not signed with his traditional "L"...CCS