As a general rule, a replacement stem knocks about half the value off of an estate pipe. From this one could reason (albeit not necessarily reasonably) that this Dunhill Shilling Grain presents a great deal on a Jess Chonowitsch stem.
Or we could not be smart-[expletives] and take the pipe as it is: one of Dunhill's finest, which just happened to receive a replacement stem of the highest quality. Clearly, the previous owner thought a lot of this briar, and with a ring grain like that, I'm the least bit surprised.
- Eric N. Squires