The 12XX series is re-sulfurized, re-phosphorized steel. The last two digits
40 indicate a 0.40 carbon content meaning it would heat treat to the mid 50's Rockwell C.
This grade is basically 1040 with a lot of sulfur and phosphorus in it. That means it is designed to be free-machining.
The down side to this is it has a ton of inclusions in it and is very "dirty". It would look very bad if you tried to polish it.
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