Togo reigo is a westernization of tougou reigou. It is a high grade, and legendarily hyped, high carbon steel similar to Aogami #1. It is considered the purest carbon steel. From what I know, it isn't all that special, but if you hype it right, a woodworker will pay a couple thousand dollars for a simple block plane with a rather ugly iron made from it. Perhaps 100 years ago it was special, but I would bet that Hitachi #1 blue is equally good today.
But, for the same reason, people will pay twice as much for a hunting knife made from aogami #2 than they will for a blade from 52100, or a kitchen knife of shirogami #1 vs W2.
Tougou is a brand name and reigou means "#0 (superior grade)
"....Tougou-reigou (or just Reigou): Tougou #0. The very best Tougou alloy steel. Almost non-existing and very difficult to forge. Only few can use this steel. Sakata Kenji (who has already crossed the river a while ago) and Yokoyama Kunio are the two best blacksmiths using this steel (maybe there aren't any others?) They are very close friends. Now Yokoyama is the only blacksmith who can handle this steel. He received the remaining tougou-reigou stock from the son of Sakata recently, and now producing super high quality tools out of them. And for some reason these tools are the cheapest out of all Tougou-reigou tools. His 72mm plane is about $900, while others' start from $2200. (BTW this is my most favorite steel. Although it is quite expensive, there is almost no timbre this steel cannot mannage to plane, from the softest to the hardest. It is just awesome. If I can only own one plane, this is the one.)
..."
I'm not saying that there is any chicanery in the plane business, but it is likely that this 100 pound lot of mythical steel has made a thousand pounds of plane irons ( or 10,000#). I believe several people claim to have the last of the original steel. It is also being made by vacuum melt in small batches and sold as the modern version of the original.
The standard claim why it is so special is that only one or two smiths in Japan can work it and it has to be done with a certain type of pine charcoal, ... at midnight under a new moon, after praying at Admiral Togo's grave,..... etc.
Do people really believe that no one knows what the makeup is and no one can work it but those told the "secrets" by their Ojii-san as he died? - I guess P.T. Barnum was right.