I have had no problems checking knives in baggage. Nothing stolen so far and I always have one of those little cards letting me know my bags were searched. That being said I still wouldn't put my $450 Sebenza on a plane in a checked bag but then again I wouldn't ship it Fedex either without $500 insurance on it. My multitool or any knife under $100... those I would "risk" checking in my luggage. So far so good for me.
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Learn to improvise everything.