It depends how old you mean; 19thC steel was 'basic' compared to modern - none of the added alloying elements like chromium and magnesium so less 'jack of all trades' - even less than 01 tool steel now. However, I have a number of blades made from late 19th and early 20th century steel and they are very capable. To achieve any toughness in a cutting tool such as a knife or a bill hook the steel either had to be softer than a modern blade (so needed sharpening more frequently) or, as Steve says, the hardened cutting edge was backed by a less hard steel. You can sometimes see the transition if you polish the blade. I love using old tools and bringing new life into them.