440 is better. 420 is basically the epitomy of low grade steel. Good protection against corrosion, and rust, and pretty ducile. However, its about the worst when it comes to ability to hold an edge.
440 comes in many grades. In most cases, 440c is best in terms of edge holding ability, then 440b, and finally 440a. 440a is pretty popular as it is cheap to manufacture and is used in many knives including the Kershaw Whirlwind and Blackout. So when they just say 440, its most likely 440a being a cheaper steel. Its also all in the heat treat. (RC) In general, the RC of 440 is 56-58 while 420 is 55-57. In comparison, a higher RC steel would be M2 which is hardened at 60-62. However, hardness is not the only factor that affects edge holding and strength.
Ok, I'll stop now...
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A real knife collector is always broke.