Extract from an email received from Merkur regarding the adjustment ring on the Vision razor:

The VISION lettering on the razor is not meant to be a dial indicator from V to N. The blade gap will only open so far, and it will never open over the entire lettering. The razors are assembled by hand, and none is exactly like the other. The lettering is only to remember the perfect gap width for you personally, so that after taking the razor apart for cleaning, you can readjust the razor again to your ideal setting.

For safety purposes we have changed the assembly slightly, so the blade will not be exposed anymore at the LOWEST setting to prevent injury. Therefore you can "close the razor", even though the blade is installed.