I made this tool in a very similar way to my first carving tool. The handle is cherry and the blade is O1 carbon steel.
The handle is made from one piece of wood, so the grain matches when closed.
I chose to grind the blade like a chisel with just one bevel, I prefer this style for carving.
I also used some scrap leather to cover the join between the blade and handle, hiding the epoxy and ensuring the lid fits snugly.