Hi Stan,
There come in various grades and ages. In this case I would have to say that your instinct was right on the money. This is the bottom end of the cheap scale.
It looks like it has a mixture of brazing and welded construction, crude blade with the most basic stamped decoration. the hammer back is just a roughly cut section of angle iron welded on and shaft made from a crimped section of tubular steel.
I'd say it's post WW2. You haven't misssed out on this one.
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