I've got one in Mg too. Mg is only slighly lighter than Al. Al is atomic #13 and Mg is just above it at #12.
Atomic number is the number of protons in the atom. Without getting into complex sub-atomic physics, atoms are basically made of three parts: protons, neutrons, and electrons. Protons and Neutrons weigh about the same and normally an atom has the same number of protons as it does neutrons. An atom always has the same number of electrons as it does protons (if it doesn't, then it's an ion, not an atom and ions are not stable). Electrons are significantly lighter than protons. So, atomic number is a measure of the weight of one atom of an element. Hydrogen with an atomic number of one is the lightest element. Ununoctium at 118 is the heaviest discovered yet. A typical 4" balisong with Ununoctium handles would weigh in at about five and one-half pounds. But, lest you get any ideas about making a balisong out Ununoctium, don't forget that aside from the fact that only a tiny fraction of a gram of the stuff exists, it's also a gas at room temperature.
The error in using atomic numbers for this purpose is that metals are rarely used in their pure forms. We almost always use some kind of alloy and that screws up the calculations. But, atomic numbers can give you a rought idea.
Mg is 12. Al is 13. So, you can expect a Mg-handled balisong to be just a little lighter than a Mg one.
Al is 13 and Ti is 22. 22 is about 1.7 times 13, so you can expect a Ti balisong to be about 1.7 times a heavy as an Al one. Two times as heavy would be twice as heavy.
Steel is an alloy and so it doesn't have an atomic number. Furthermore, it's a metal alloy so it doesn't even form tight molecules. But, the equivalent of atomic number for steel is about 37 or 38 depending on alloy. That's about 1.7 times 22, the atomic number of Ti. So, you can expect a steel balisong to weigh about 1.7 times what a Ti one would.
So, curiously, the weight change from Ti to steel is about the same as from Al to Ti.
Brass is also an alloy. It's equivalent of atomic number is about 41.5. Well, 37.5 to 41.5 isn't that much of a change, about 1.1 times. So, a brass balisong is only slightly, about 10%, heavier than a steel one would be.
Of course, I've neglected the blade here. The blade is typically always steel. So, it's gonna make the weight differences less dramatic.
One of the skills I most value in life is the ability to estimate things quickly. Mg is a bit of an exotic material. It's expensive, most of it is imported, which runs the cost up more, and working it requires special tooling and skilled workers. Al is dirt cheap, domestically-sourced, and easy to work with inexpensive, common tools. Is there a great weight advantage going from Al down to Mg, from atomic number 13 down to number 12? No, not much. And the cost of making that change is considerable and probably not worth it. I didn't have to do a lot of detailed analysis to reach that conclusion. I made a few reasonable assumptions and then I estimated. Quick and easy.
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Chuck
Balisongs -- because it don't mean a thing if it ain't got that swing!
http://www.balisongcollector.com