Yeah, it's die cast as I assumed. That is cheap and easy to produce in large numbers. If you think the blade is worth it, you might consider making a decent grip, from wood or something.
I've done that before, and I still have some projects waiting to be done. They are waiting for some time already, actually... :)
One is this hunting dagger, which was not so cheap

Below the blade is the old grip wood, above the new piece of wood I intend to use. Want to make some carved pummel, too.
Another one is a ancient greek sword like in the movie 300. Its huge and the blade weighs 5 pound or so, but the grip was also a cheap and nasty die cast thingy. I'm still brooding on what to do with that.