This sword is of low value because it is purely ornamental and common.
As Thomas pointed out, it is a type 19 (1886) Army company-grade officer dress sword kyu gunto. The blade is machine made from a soft alloy, unsharpened and chrome plated.
These swords were made in huge numbers, because they were used for nearly 60 years (1886-1945). When the kyu gunto was replaced by the shin gunto, its dress counterpart remained in use. Dawson shows a dress shin gunto in his book but mentions that those were very rare, the officers preferring the kyu gunto-shaped dress sword.
That said, I concur with Rob M and would not separate sword and tassel. It may not be the original tassel, because the sword may have been made before the introduction of the shin gunto. However, it seem to be the tassel it was used with during WWII, so I would keep both sword and tassel together.