This is a late 19th century Meerschaum pipe. The material is actually hardened seafoam that is carved. The seafoam at that time was mostly gathered off the coast of Turkey and the majority of these pipes were sold through makers in Austria. When new, the carved area would have been very white in color, and it turned the present color from use. On today's market, your Meerschaum pipe in original case can sell for $40 - $60. The suggested insurance or replacement value is $120.
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