I still think that sometimes the cost of the hilt material was so great that the blade did not need to be laminated and thus cheaper to forge in some cases. I do consider however some of the wonderful and thoughtful arguments that many of you have forwarded - some very good points.
For consideration is a sultan's barong with a hilt of gold (most likely swassa), silver, and carved ivory. The inlay in the blade is silver. It appears to be etched (vastly darker material around the silver) and no lamination. This piece comes from the book The Gods of War from the New York Metropolitan Museum.
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