The pictures are an accurate depiction of the condition. 

The inside has noticeable wear from being used as a pencil case. The outside has writing on it. The finish on the inside is worn off in places which is noticeable from the outside on the Optimus Prime side. You can see that the interior finish has been scratched off on the Bumblebee side.

As a pencil case, this works as intended and shows usual wear. As a collection piece, it is likely rough condition, but it does look good from 18 inches away especially on the Bumblebee side and could easily be displayed.