To my untrained eye, it looks like a WHP, possibly ebony, was used as the blank. Which, for me, backs up Fatboy's "not junk" conclusion as well as Roberson's nod toward Palmer. But as I recall, and please remember I accurately retain very few specifics, Palmer's use of WHPs was something it did during its early years.
Anyone know offhand what years Palmer incorporated WHPs? If not a WHP, whose blank does it look like? The flat brass on wood pilot also greatly intrigues me. I strongly agree this cue is "not junk", but I am just not crazy about its overall look, particularly the joint collar and ring. I am thinking it could be worth the $950, but I would not give that for a cue that I was not fundamentally drawn to in the first place, at least not without being able to nail down more about it. It is certainly worth further investigation.