The lighter was a regular cigarette lighter of the time. It was entirely metallic gray with the exception of the symbol of the First Marine Division highly visible on the front.
Haney aquired the lighter at an unspecified time in Guadalcanal. He kept it throughout that campaign and the Battle of Cape Gloucester before Peleliu, where he witnesses the death of Lt. "Hillbilly" Jones, causing him to be traumatized.
After the battle, Haney and Sledge are sitting together on the troopship. He soon gives Sledge the lighter, signifying his departure from the Marines. Sledge would later keep it throughout Okinawa, presumably to light his pipe. His comrades, Snafu and Burgin, notice his lighter at one point and inquires about it. When Sledge tells them that it belonged to Haney they are somewhat impressed, even Snafu.
Afterwards, it is unknown if Sledge kept it or not.