In reply to Rylstone_Cowboy: Looks as though it just needs a new pick. Check the rivets out both sides. Check for any cracks in the alloy shaft. Usual starting at rivet holes etc. Looks as though someone has covered it with some heat shrink as an extended handle but no reason to suppose it hides damage. If you do suspect, cut the rubber/plastic back, check for damage then recover with self bonding tape or similar.
Looking at the head, it has not had a hard life. No sign of mixed battering.
I had a takoon that cracked, just stop drilled the crack, speed tape repaired the stress area then it was fine to use.
You have to look as a mechanism of failure, the consequences etc. If you suspect the head will fall off with little effort, don't use ever as a climbing tool! if you thing a shaft/handle has been bent and damaged, as long as it wouldn't fail under normal use, just use to climb with but not as a emergency belay..... but you could, by cliping into the head.... erradicating any suspect damged areas.....
The length of the pick shows it has been used, you could replace with a new one. But hey, Terras/Pecks had way shorter stubby blades.
Tim