Chris, yes, I believe the upper one to be stainless. Your pictures clearly show the difference in the grind and the last vs. second tang stamp. WHere the physical difference of the two metals most often shows up first is around the exposed full tang between the handle covers. This is where a person't skin oils and acids usually touch the knife when it is handled. Of course the corrosion is usually minor discoloration, but it is there. This changeover was mentioned by production manager Tim Faust in this forum and again by the former Schrade Historian Ms. Chase. Those posts survive in the forum archives. The original steel is 1095HC and the newer steel is 440A I believe.