Traditional timber framing chisels, like this one (below center) by Barr Tools, feature a metal hoop around the top of the handle:
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This is to prevent the handle from splitting as you pound the butt end of it with a mallet while forming a mortise. (The slick, the tool at top, is used only for paring driven by hand pressure and thus does not require the hoop.)
Every wooden-handled timber framing chisel you’ll see has the hoop. But French manufacturer Arno offers this rather modern hoop-less update:
As you can see, it’s just a single piece of steel. The handle is dipped in PVC to provide a no-slip grip. And the PVC stops shy of the butt end, leaving plenty of room for mallet strikes.
These run £35 to £45 (USD $42 to $54) a pop.
Source: core77