I guess it depends how you're going to use your knife. I'm not really familiar with Randalls, but I understand that if anything, they are COLLECTABLE !! Regardless of what steel it is. No doubt Randalls are made as using knives, so I expect them to be fully functional tools in the field.
IN terms of steels the 440-series is regarded as the "minimum" starting point that many knifemakers will use to make a quality knife. In fact, I can't think of any knifemakers who use anything short of 440C. Whats the difference ? I think a bit can be sorted out by looking at chemistry.
440A has the least carbon, 440C, the most. Ie.- 440C holds the best edge, gets the hardest etc.
By that same token. All have pretty much te same amount of chrome. With the way that carbon interacts with chrome in steel, 440A is actually more corrosion resistant than 440C. All are stain resistant, but 440A is just a bit more.
However, that simplest of chemical equations also means that 440A is "tougher" than 440C. The lower carbon content equates to a lower hardness, better ductibility and improved shock resistance esp in chores like whacking, ballistic cutting and torque applied to the blade.
440B is somewhere in the middle for edge holding, stain resistance and toughness. Not sure if thats the reason the Randalls chose it, but Randalls are battle knives - for combat, they need to be tough.
the 440-series are better than the low-cost 420-series steels, and not as good as the ATS-34/ BG-42 and pretty bad compared to the CPM wonder steels.
Can you tell the difference ? Personally, I think YES. Before getting into the better grade of knives, I used a lot of cheap made in Taiwan 420 SS blades and 440A blades, I also had the benefit of being able to compare with a $300 semi-custom tactical utility knife made by a local knifemaker in ATS-34 I'd bought later. THERE IS A DEFINITE DIFFERENCE.
I think that betweem ATS-34, BG-42, its hard to notice the difference if the HT is good, but thats because their threshold for how long their edges last is beyond the time frame for which I'd use the knife.
But on a 440A knife, I noticed that just working in the garden, household chores, eg.- cutting rope for ties - the 440A blade would lose its "crunch" on the rope after just 5-6 passes, then be actually quite dangerous to use after 20 cuts. Just slipping and sliding everywhere. Could still do other work but no more rope cutting. The ATS-34 knife (this was before all the cryogenic quench, multiple tempering stuff they do nowadays) held out to well beyond 3 times that number of cuts.
In short, SOME PEOPLE WILL NOTICE THE DIFFERENCE. In fact, so much so that the bulk of the people I personally know who own and use Randalls, use them all the time (some after 25years) and they all use the O-1 carbon steel Randalls. But if you're after a display piece and longevity, there's nothing like the reassurance of stainless steel. 440-series steels do take a nice finish, and of course it will serve you well if you had to use it hard, just don't expect it to hold an edge as well as some other steels people talk more about today.
My advice is that if your Randall is pristine, get more details about it and contact a Randall shop person. Organise a valuation of it. You may just want to put it in a safety deposit box !!
Jeez, my posts are getting longer and longer ... Hope this makes sense. Jason.