It may have been made by Mordan but is hallmarked with marked “S & Co”, as well as Shepheard & Co. Regent St. London and hallmarks for London, 1892. Mordan often made writing implements for finer shops (e.g. Thornhill, Asprey). Part of the barrel pulls out and there are then two sliders to extend the pen or the pencil. The inner barrel is also hallmarked and stamped with the Shepheard name. The quality is identical to the best Mordan’s of the period. The nib is a replacement. No dents or dings.
"Shepheard & Co.", "Hallmarks for London, 1892"