I own that axe, have for...lessee...about 20 years. Mine has a blue handle though and unpainted steel. It is a tough axe and will stand a lot of abuse.
edit: I will add though that the first time you set your black axe down in the woods while working will probably inspire you to add some color to it. The hatchet I take backpacking has reflective tape on the handle.
I used this axe for limbing and lots of small chores. The overall weight makes it a little awkward for one handed use and the narrow steel haft kinda eliminates what I see as the primary advantage of the HB head: the ability to choke up on the handle. This axe got relegated to my trunk and was replaced by a wood handled HB. Like nearly all of Estwing products though it's nearly indestructible and I don't regret buying it. I like knowing it's ready to go in my vehicle should I need it and the handle will never be loose nor break even if I end up using it to cut my way into a car.
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