When Merkur introduced the Progress back in the mid to late 1950's, they offered a variety of models and cases.
According to the 1956 Catalog, this would have been their 582 model. The case has the Hoffritz logo on the underside of the top, so would have been for the export market.
It has been pretty well used and the plating on it is pretty thin. The top cap has lost quite a bit of the gold and also a bit on the ridges on the handle, so it's been pretty well used. I would like to believe that the blade is one of the original ones that came with the set, but cannot say for sure.

How does it shave?
I've not used this specific razor, however they all shave the same. In other words - It's very likely an excellent shaver.