Noticable distress and evidence of age or use. Still wearable but also useful as a study piece, theatrical costume or fix'm-ups. These pieces are only purchased if rare, beautiful, or historically-significant.
Noted issues to interior: a square of material has been removed from the inner collar placket (see last pic). If jacket is worn as a top, this flaw is invisible. Lining shows armpit fade/stain.
Noted issue to exterior: a row of pin-holes are visible along the braid trim of one pocket flap. Three tiny holes in the jacket body.
Noted alterations: The lining has been removed from under pocket flaps (not visible). The top button has been replaced.
At some point, a fabric square was cut from the inside to cover a replacement button. This top button is slightly larger than the originals. Replacing it with a smaller one -- using the fabric from the larger button -- is an easy fix.
Unless this blazer is going to be worn as a top (always buttoned), I recommend this for use as a study piece or stage costume.