This pencil has degree markings printed on the barrel and is missing a specially formed pocket clip that doubled as an degree indicator.

Most Leadmasters I have seen have been blue. The two main sellers of this brand seem to have been Dietzgen and Vemco. I suspect that the Vemco models were always blue, continuing the tradition begun with Vemco’s acquisition of the TEC pencil company of blue leadholders. I think the Leadmaster was Vemco’s replacement for the ageing twist lock TEC. They may have offered the Leadmaster as an option or just ditched the TEC altogether. The Dietzgen Leadmasters came in other colors and were marked with the Dietzgen name in addition to Leadmaster.