Spark test. You will have no problem distinguishing medium carbon from mild steel. Difference between grades 5 and 8 will be harder. Maybe a file or test? The late, great guru of anvilfire.com cautions against depending too much on the extra strength provided by grade 8 over grade 5. I bought a box of mystery drill bits. Some were simple carbon steel. They were impossible to keep sharp. Ended up retiring all of them (that doesn't mean throwing them away).