The "Wright & Ditson, Boston" mark found on the back of this clubhead is the first mark used by Wright & Ditson and dates to 1893. Page 133 of Jim Cooper's book Early United States Golf Club by A.G. Spalding, Wright & Ditson, shows this same mark on a niblick that also has a knurled hosel just like this iron.

The knurled hosel was used when the inside of the hosel was threaded to receive a corresponding left-hand threaded shaft. The thread was made left-handed so striking the ball would only serve to tighten the head. However, some knurled hosel irons were also pinned.  An image of a Wright & Ditson threaded socket and shaft can be seen in the attached images.

Screw-in shafts produced by Wright & Ditson as well as Spalding are great collectibles. The 37" shaft on this club is firmly connected to the head and the knurled hosel, with no evidence of a pin on either side. The screw-in shaft would have also been glued in place.  The auctioneer is unable to guarantee that this shaft will unscrew from the hosel. The shaft is original, stamped Wright & Ditson. The worn sheepskin grip is original.