I'm not sure of the actual type of the steel but I do know there is a right spike to use and a wrong spike. Look for railroad spikes stamped HC on the top I think. Those are higher carbon (H.C. High Carbon). The ones not stamped are lower carbon and will not make as good of a blade. The High carbon spikes were used for curves in railroad tracks where strong and more durable spikes were needed, the low carbon spikes were used for straightaways where there wasn't as much stress on them.
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