Forest Service spec axes were held to the following standards:
3.2.1.1 Steel composition. The tool head of each type of ax shall be forged from fully killed plain carbon AISI/
SAE steel containing 0.72 to 0.93 percent carbon, 0.30 to 0.90 percent manganese, not more than 0.040
percent phosphorus, and not more than 0.050 percent sulfur. Steel composition of the head shall be deter-
mined as specified in 4.5.1.1.
3.2.1.2 Hardness. The ax bit shall have a hardness of 54 to 58 inclusive on the Rockwell C scale. This
hardness shall extend to a distance of 1-1/4 inches ±1/4 inch back from the cutting edge. Within 1 inch of the
eye of the tool, the steel hardness shall not exceed 45 on the Rockwell C scale. All hardness values shall be
determined as specified in 4.5.1.2. The specified hardness shall extend through the entire thickness of the
tool head steel.
Full document here:
http://cedarriverforge.com/Photo-index/axephotos/Forest Service Axe Specs - 5100_9D.pdf
For comparison, Gransfors Bruk currently makes their axes with 1055-like steel containing only .55% carbon. Council's Velvicut line uses 5160 with .60% carbon. Both good steels and both capable of reaching 54-58 RC.
So you're getting good steel with a Forest Service axe. But I don't know what Plumb's other axes were made from. Plus they had premium lines like most other axe makers.