I would consider it as excellent condition except the small distortion on the front rim as shown. Should not be difficult to fix.
For those who have tried the early (1930's) Carl Zeiss Jena black nickel lenses should understand that its high built quailty and also optical quality. Uncoated, clean and clear, smooth operation, no oil on blade. May be it is time to buy vintage lenses for the coming full frame NEX.