The compass part of it still works great, and the dip-bubble works, although the leveling bubble is off-center, but I don't mind. The thing is more of a classy desk piece than a field tool (although I'd still use it). I believe it's made of brass because it's a good deal heavier than a regular Brunton compass. The pictures don't do it justice, it shines like a slightly tarnished penny.
Although the giver of this gift didn't know it, this meant a lot to me for a specific reason. At my undergraduate geology program they would award a gift to two graduating students based on their performance. They can choose between a Brunton Compass or a GPS. I chose the GPS because I'm really into the whole GIS/GPS thing, but the field geologist looks back sometimes and wonders why I didn't choose the compass. Receiving this antique showpiece brass compass has gone a long way of curing that, on top of the fact that it is a wonderful desk piece and conversation starter that has traveled across the world and given to me by a good friend.