DWM, One of the reason why many old tools mushroomed like that (apart from they didn't bother or see the need to dress them!) is that the body was made from wrought iron with the working end steeled. I'll be surprised if your one hasn't been steeled it certainly looks old enough!
I will add, that I suspect that wrought iron doesn't fly and chip like modern alloy chisel steels but I haven't use a wrought iron tool long enough to prove it! We have probably all seen old socket mortise chisels (wrought iron) hammered down to a 1" stub!
Graeme
Added futher thought