If you put an assortment of knives in front of me and told me evaluate them and determine which used higher end steel I most likely would fail miserably to do so. I have had a few knives over the years that just didnt hold an edge to save its life even with reputably great steels and I have had lesser steels perform tremendously well.
My only heartbreak with knives is when I can't get them sharp. They don't come sharp, they can't be sharpened many times, and they are useless. A few years ago, budget knives were almost always 420 of some stripe. They could be easily sharpened, but couldn't hold it very long. Now, it's mostly 440A. They come dull, and no amount of sharpening can make them sharp. M-Tech, a notorious budget company, doesn't even bother heat treating its steel. No surprise there. But when Böker's Magnum series also is putting out such crummy knives, that's not so much expected.
The thing about Cold Steel is that it's never disappointed me. It comes wicked sharp and seems to hold an edge exceptionally well. Then, when it does need some sharpening, as all knives do, it only takes a few swipes with a cheap pair of ceramic rods and the edge is ready to rock and roll. I also strop it if I have time, but it's hardly necessary. Also, when knives are made primarily for self defense, AUS8A is more than fine. Where supersteels really shine over more mundane steels is in paper cutting (by which pieces of paper are relentlessly cut into strips) and arm shaving. If cutting carpet, the supersteels would undoubtedly be superior over lesser steels, but I don't know anyone who uses their S30V blades to cut carpet. A friend uses a large steel blade (most likely a 420) and a carbide sharpener. The edge on his blade reminds me of the edges I've felt on Cold Steel machetes. Rough, jaggedly sharp and better suited to cutting one's arm off though the bone than shaving hair.
I don't mean to dis quality supersteel blades -- I have them and used to carry my Spyderco Native as my EDC, expecting to see a huge, monumental difference in edge holding. After about three months I went back to my Cold Steel Voyager 4-inch because I couldn't tell much difference and preferred the extra inch of blade the Voyager gave me over the smaller knife. And that's it. I'm sure the steel in the Spyderco was much better, but in a world where even AUS8A is pretty good, the supersteels aren't going to increased performance by factors. Putting it into gun terms, AUS8A is like a good 9mm 115gr JHP, in my view. A supersteel like S30V or CTS-XHP, though, would be like a .357 mag 125gr JHP. The latter is incredible, with no debate, but the former ain't bad. Most budget 440A steels, however, are like pellet pistols with those CRO2 cartridges (but without the pellets). They look good, but have no cutting ability whatsoever. I used to think it was the steel, but when Cold Steel used 440A in a number of its knives years ago, it came horrendously sharp and was, to me, almost indistinguishable from its AUS8A blades. I'd rate it as a good.38Spc +P 110gr JHP, and I'd even buy more of their knives made from it if the price and appeal was right. I still use two of their Night Force 4-inchers, one plain (viciously sharp) and the other serrated. The black blades are still black, but used looking. Pretty cool. I have a few Pro-Lites that are still new in the box. I also have a well used Recon 1 with a 440A blade, part plain, part serrated. Forgot about that one, but I still use and carry it quite a bit. I can't recall it not being sharp.
Old 440A Recon 1 (top) and one AUS8A Recon 1.
Pro-Lite, a great knife.
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