When Merkur started offering adjustable razors, they offered them in a variety of versions.
The model number of this particular version I believe was a 581. The topcap and adjuster dial are chrome plated, and the handle is a thin plated silver. There was also a 582 which was the same razor but Gold plated. (See HERE).
Its the typical Merkur Progress design with the lather channel except that the base plate is made out of a (brittle) plastic called Pollopas. Fortunately this one is free of any cracks.

How does it shave?
It's pretty much the same as a normal Merkur Progress with a slightly different balance but not so much that while shaving I could not tell the difference.