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Which is the LTC, the cheap one of the the San Mai steel one?

Neither - the LTC was before CS ever did San Mai kukris. At the time, they only had two or three grades of kuks - the Ghurka, which ran around the $300 mark, and the LTC, which was I believe below $200.



The new, cheap Kukri Machete is based on the LTC Kukri blade shape... but the machete is cheaper steel and a lower quality handle. The LTC was a much nicer blade with a really good heat treat, and Carbon V steel, which is a heck of a good performer.