What you have there OP is a Lancashire Peeler (nothing to do with policemen). The king of peelers, the gold standard by which other peelers are judged. I inherited mine off my gran, it’s probably as old as I am or more so but it was ostensibly brand new when I got it as she was right-handed and I left-handed so the other side of the blade was unused.
When it eventually succumbed to dullness through overuse (a phenomenon familiar to most STW regulars), I sought a replacement only to find that modern Lancashire Peelers are pale imitators to the original mighty LP; plastic coloured stripes on the handle where the old string used to be, basically cheap crap. In desperation I randomly bought one of these:
http://www.ikea.com/gb/en/products/cookware/kitchen-utensils/ikea-365-v%C3%A4rdefull-potato-peeler-black-art-30175140/
And… it is **** awesome. It’s the Lancashire Peeler evolved. It’s got a flappy blade sure, but it’s comfortable to hold and it Just Works. Mine’s had near-daily use for about five years and is still going strong.
Get it bought, if you don’t get on with it I’ll refund you the three quid myself.