I have one of Gillette's three-hole razor blades. These were the blades that Gillette made through 1935. They say "No Stropping" and "No Honing" on the face. They sported a four digit code: this one is 2425. It has a meaning for when the blade was produced, but I have not broken the code yet. They were made through 1929. The New blade, which was slotted, began in 1930. The New blade would fit all the Old Type 3-hole razors as well as slotted razor.
I have a Twinplex Stropper that can be used to strop the old three-hole blades and modern blades as well.
The blade is ready for stropping. With each rotation of the handle two edges are stropped simultaneously then rotating the blade 180 degrees to get it ready to strop the other two edges simultaneously. 
Below is my Gillette Model 100 razor. It has the nick name "Double Ring" given for the two rings on the handle just below the head.
The handle insert has its serial number stamped on it. This one is 225338 which means it was made in 1905.
The base plate and handle are one piece. The top plate has a long screw on it.
Next, the blade is placed over the threaded rod and the two alignment studs.
The head is placed on the baseplate. This blade is pretty ridged. 
I have seen advertisements touting this razor as an adjustable razor. As the handle is tightened, the blade is bent downward. So, theoretically, there are many points one could use for a shave from a large exposure to small.
Next the head is screwed all the way down leaving the smallest exposure.
This is a very nice open combed razor.
The back side of the blade says, "Not to be Re-sharpened."
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