The Kelly Hand Made brand axes used to be worth as much as Black Ravens.
Kelly sold the Hand Made axes for the same price as the Black Ravens and the Flint Edges (according to the 1913 prices list). It seems like the Hand Made brand is not as rare or uncommon these days as the Columbian, Copper King, Silver Edge, and Chip Slinger brands (which all cost more than the Hand Made).
As mentioned in an earlier thread, here's a list of Kelly axe brands, from most expensive to least expensive (based on Kelly's 1913 price list):
1. Kelly Registered
2. Columbian
3. Perfect / Hand Honed (tie)
4. Copper King / Silver Edge / Chip Slinger (tie)
5. Flint Edge / Vulcan / Black Raven / Hand Made ... (tie)
6. Wood Slasher / Jim Dandy (tie)
The Kelly Registered cost 33% more than the Kelly Perfect.
Kelly Perfect cost more than Black Raven.
Black Raven and Hand Made cost the same as Flint Edge.
Wood Slasher had the lowest-cost.
(Cost are generally listed as per dozen heads, and the cost difference between brands can be relatively small.)
from
National Hardware Bulletin, September, 1913