Vintage Box of 12 Bundles of 12 THREE HORSE HB Pencils Made in Japan.

A box of Vintage Three Horse PENCILS.
12 bundles, 12 pencils in each bundle.
The pencils have HB graphite leads and a faceted wooden outside.
The rubbers have...aged !
And I don't know what will happen if you sharpen them but the wooden casing looks fine.
They have a rather lovely label with three horses on the front.
Made in Japan printed on the back of the labels.