There are some very expensive turning & clipping hammers (farriers tools) available and these are made from 414O tool steel. I can vouch for the quality of these hammers, no chipping or distortion and negligible wear despite hard use. Both the steel and tempering must be excellent. Manufacturers need to make a profit, so it is of course quite possible there are better steels for this purpose, that are not used as they do not lend themselves as readily to the manufacturing process. I might add that I have no involvement whatsoever with any manufacturer / supplier of tools or steel.
