Several razor blade manufactures made these ‘Escape & Evade’ versions of their normal razor blades during World War 2 and they were given to soldiers for use in emergencies in case they got caught. They were also issued to paratroopers.
The razor blade has arrows (the military crows foot) on it which would have been magnetised. When submerged in water, it would turn the razor blade so these arrows pointed north.
This blade is one of these WW2 issue versions and it is original from a collection, not a modern reproduction.
The wrapper is in good condition, but the blade is very rusty. You can still just about make out the 1944 and the arrows though.