"Made in Endland" How did they make this?

[Jo]

In amongst the many goodies I have acquired  over the years is this punch:



(Sorry it is slightly out of focus it is less than 1/8" high and difficult to get my camera to auto focus on)

I am sure that there is an easy answer to this but how do they make these punches? I would guess this punch is at least 50 years old so it would not have been made by spark eroding. But how did they make it?

Jo

[steamer]

Machine a "negative" forging die with a pantograph and then hot forge it?

Dave