Guildford had aspirations to become a proper city, and a proper city needs a 'sword of state'. In the 19thC a sword was purchased and donated to the town, and since 1922 was carried in civic processions. It now hangs in the Guildhall on the High Street - Andreas located a photo of it:
At some point I'll try to get a proper look at it. It appears to be a fairly early 16th century two-hander, probably German.