I said just under 100$ because a lot of the cost of a knife particularly US made knives is the amount of hand finishing they take.

Also the steel from the auction was probably quite expensive because right now just like oil China needs lots of high quality steel and especially the alloys in really good steel to fuel her economy. Steel prices have gone through the roof recently.

I understand why some people are disappointed with 154CM and consider it subppar.
I am a huge believer in tool steel for knife blades as by far the best choice.
However S7 is not a good choice for a small knife like the Muppy or one worn very close to the body like the HC.
When I had asked for a SS4 I thought they might use 52100 which would have been a good choice but I also like 154 stainless as well. I am sure that the Busse testing and heat treat was extensive. These are not some hicks with a oven and a salt bath ,I believe Jerry was a university prof before Busse Combat and probably knows a LOT about metallurgy. I am confident it will be tough enough.
Really what matters is performance not a sexy steel although I admit I am a sucker for exotic alloys like the upcoming M4 Mule. A bigger concern for me is will it be to fat to cut? I hope it is going to be no fatter than the SS4 and a bit less so it has the same ratio(SS4 an inch longer so the Muppy should be an equivalent amount thinner).