The usual route to a horse like this involves a hardened anvil face and a lot of debate over steel choice. This maker went the other way, doing the whole job on an anvil of mild steel, and the outcome makes a decent case for that approach on its own.
The build itself is straightforward stock-in-work. The horn and heel were forged from a 2 inch solid square bar of mild steel, and the shank sits pinned into the anvil with a tenon. Everything was done with a hand hammer around three and a half pounds, with no power assistance anywhere in the sequence.
The discipline of the technique is what stands out to me. The bar comes up to a glowing yellow heat, gets laid across the anvil face, and takes blow after blow while the stock is constantly repositioned. Flattening and drawing happen on both the flat faces and the narrow edges, then the shaped tip is hung over the anvil edge to hammer in the bend and profile. The rotating and sweeping done at the same time to form the curve under the neck looks like the trickiest part of the whole piece.
The trade-off worth weighing is the material itself. The maker says mild steel works fine here and that rebound matters less than people tend to claim. The metal's color dropping from bright orange-yellow through dull red to dark gray shows how narrow the working window is, and in my view the finished bend and profile suggest the pace was judged well.