Variation of finish. I am not sure what to call it but it resembles galvinized duct vents. Only marked boker solingen germany 440C stainless. The 1st run of boker smatchets had micarta grips and were made out of 440C like this variant.
The 2nd smatchet run had plastic grips like this variant.
I can only figure that this one must have been during the change over in production since it has the metal of the first run and the grips of the second.