The tang and lower section of the blade is made from iron or mild steel (I am not sure which) which is more resilient to shock impact and less likely to fracture. It is scarf welded during the forging process to the rest of blade which is of of higher carbon steel more able to take an edge.
Musket bayonets are also constructed with an iron socket, elbow & up to about a third of the blade of iron scarf welded to steel. Ramrods likewise were iron & steel - the stem being steel & the head iron.
However, having harped on about muskets so much I'd better post a few photos of a P/1804 cutlass that used to be in my collection (sold to help fund a musket purchase!)
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