Thoughts?

I have an early one (same knife but with Micarta handles branded the 501 "Esquire"). If you like a pocketable lockback you will like the knife - sort of a scaled down Buck 500.

Also have owned one for many years. Great quality and backed by Buck for a lifetime at a reasonable cost. What is not to like? Won't win any points from the uber crowd if that sort of thing matters to you.

I think they are really nice little knives. I bought one back in, I'm guessing now, 1972. I carried it in the little open top belt sheath for many years. Most of the time, back then, I wore a coat and tie, and no one ever remarked about it.
Just went to the box and pulled it out. Very sharp, but with noticeable wear on the blade from keeping it sharp. Think I'll wear it today.

My dad has one that he completely wore the blade out on. I sent it back to Buck with a note explaining the situation asking them to contact me with payment information to put a new blade on. Buck sent the knife back with a new blade and polished up looking like a new knife with a note stating, "No charge, we hope your dad enjoys his Buck knife." Pretty good folks there at the Buck knife company.

My experience is the same as MOGC's father. Wore it out keeping it sharp. If you're wanting something that stays sharp better without dropping a bunch of coin check out Moore Maker knives. For cheap pocket knives I've switched to either Kershaw or Spyderco.

Thanks. Good info all. Have/had a few Spyderco, Kershaw, Case, Sog, Shrade/Uncle Henry, and a Few others. Just always had my eye on the 501/503s since a kid. Never had the money when I had the urge. Prefer to find an older one in good condition since they changed them a bit.

Go here: Buck Custom Shoppe 501

Choose S30V, nickel, rivets and your choice of 4 woods for $86.50.

It's an heirloom worthy good thing...

Not a 501. This is my 503. I have had this one for more than a few years. Rode in my right front pocket most every day until recently. The blade profile worked very well for me. I also liked that it locked. Super easy to keep razor sharp with a few strokes on the ceramic sticks.

501/503 pick the one that suits your needs.

WW - thanks, truth be know I had a fancy for the 503 as well from the same time period - 70s - 80s. Appears yours was mfg in '96 - nice.

BigNate - I have an older Kershaw and a couple of Spiders

Journeyman - that idea has come across my mind. Then you're closing in on full custom price points - entry level anyhow. Thanks and glad to hear more folks chime in, including the 503. No doubt a smaller lighter pocket piece.