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You are confusedW1 can be ordered with different amounts of carbon from the mill. Drill rod will have very close to 1%. Ask for the specs for the W1 you are looking to buy.
W1 is a better grade of steel than 1095.
The W1 I got from Enco is .84% C It was 1-1/4" drill rod. The one knife I've made from it so far had a pretty good hamon.
Great Hamon Phillip. Actually W1 with .84 carbon will produce a very active hamon. I was unaware of this and the lower carbon may account for Enco having the lowest price on W1 drill rod.
Rebar will vary in carbon content but got to admit I used quite a bit of it for making knives when I first started learning how to forge. All that I used would harden in oil with no problem and back then all I used was drain oil. I did only use 60 grade rebar. Never did get any anilized but do believe all that I used was at least .5 carbon although the speck sheets that came with some of it said .35. Here's one that I made in 96: http://www.bladegallery.com/shopexd.asp?id=2750&websess=70883436868809
I was unaware of this and the lower carbon may account for Enco having the lowest price on W1 drill rod.