The name was changed to distinguish 420V from other 420 steels which are not even in the same class. 440V is now called S60V and 420V is now S90V. The V is for vanadium.
Toughest, no. Low alloy steels are tougher, but S90V is quite tough compared to other high alloy tool steels. It is very good knife blade steel, particularly for small stain resistant blades.
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