HC on a railroad spike does mean high carbon, but the carbon content of the HC is still about .35 to .40 percent the unmarked ones are less than this content. I have heard that sometimes rail or axles are rerolled to make spikes.
NONE of the spikes that I have forged and quenched had better edge holding than mild steel.
BUT, that is not the reason people make knifes out of them. Over at
www.anvilfire.com is a tutorial for making a hawk or hatchet from one.
I know a man that makes buffalo heads and eagle head knives from spikes, he has even made a folder from the spikes, pineapple twist handles etc.
Spikes make quite a nifty sale item.
I am not trying to discourage any one from using them but it is good to know what to expect when you do.
I have seen this subject bounced around on the net for the past two years always the HC is brought up as proof that they are a good edge holding material, on the swordforum somone, sorry I don't remember who actually, perservered in getting an answer from a person in the know at a railroad. That's what I have relayed here. So pick some up and beat em flat see what you have, it doesn't take too long, and it's good practise I think.
If I haven't gone on too long about this subject let me know and I'll try to think of something else.
Oh yeah, want to work up a real sweat, cut off a chunk of rail and beat that into a knife it is about 1075 with a little bit of stuff added to make it work harden and tough.
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Sola Fide