The Peanut, a small round-ended serpentine jack knife was introduced sometime before 1915. After one look, collectors quickly referred to this pattern as the peanut due to its small, petite size. On the recent versions of this knife, the master blade will almost always be a clip blade, and the second blade, if one at all, will be either a pen or spey blade or possibly a pair of scissors. Both the clip and pen blades are attached to one spring resulting in two blades resting on one end of the knife. The clip blade is appreciated for its versatility and use for multi-purpose tasks.

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