No back story that I know of. I saw it in a nice looking Craftsman tool box in a pawn shop, new enough to be chinese, so I didn't pay much attention to it. The ratchet was in the top as pictured. As I said, I passed it by and wished it luck. Having said that, all it needs is a retaining ring to make a serviceable ratchet. The action is crisp and clean also tight and smooth. It hasn't seen much actual use.
KEH