It all started when Herman Williams (for those who don't know... an ex-Schrade Master Cutler) put a couple of his customized Schrade Muskrats up for auction on eBay at the end of last year. Attempting to win one, but not wanting to miss out, I ended up with both...
a 787 with custom jigged bone handles with the "Improved Muskrat" shield... and...
a 77OT with custom saw-cut bone handles with the "Old Timer" shield.
Three months later... an addition to the herd in the form of a Canal Street Muskrat with brown jigged bone handles issued in 2005.
... and yet I still feel the urge to obtain a Schrade factory version to boot...

While I love gawking at them, I have been scratching my scalp bald wondering why would there be a need to have two identical Turkish clip blades in one knife? ... and what makes the 787 an "Improved" muskrat?
My apologies for not being able to get the photos to show the detail in the saw-cut handles