I thought "silver steel" was "drill rod" - which is to say the entire class of O, W, A - x hardenable steels. I am quite certain that it is used that way in at least some casual talk.
GsT
Indeed, the term is often used incorrectly
Silver steel is another name for W1, 1.2210 or 115CrV3. It is a water hardenable steel for
cold work(paper punches, tools that don't get too hot generally) . This steel has over 1% of carbon, some manganum, and no molybdenum. It makes it's appearance a lot more "silvery" than O steels for example. Also in contrast with O steels it is offered(at least here in EU) primarily in form of rods including some quite thin(is that why "drill rod" term is used? ) . One of its properties is very good quench cracking resistance.
O type steels( O1, 1.2842 etc. ) or are also cold work steels, but there is a lot less carbon and additional molybdenum makes their appearance more grey. Also they have far better dimensional stability during heat treatment. That's why they are(used to be?) used for precision tools like v blocks etc. O steels crack a lot more easily that's why they are considered oil hardening steels.
As for A steels like A2. Unlike O and W they are chromium steels. They are also used for cold work, but they are considered "premium" over O and W steels due to many excellent properties. Some are, good abrasion resistance, very low dimensional stability etc.
About that "drill rod" term. I don't know where it came from. Perhaps from W1 being available in small rod sizes? In general any hardenable steel can be used for drills, but hot work steels will make much more resilient drills!
So as you can see there is one commonality between all W, O, A steels. That is they are all cold working steels. This means they will get annealed over a certain temperature considered low so in a way you could refer to them all as a group, but at the same time they have very different properties. So in a thread beginners might read I thought it useful to describe them briefly.
I've done heat treatment with a tube furnace (alumina ceramic tube) in vacuum, but not for 'oxidation', rather
because the alloy was a vacuum-killed specialty item (lessens the creep under stress by eliminating
nitrogen). For anti-oxidation, just cover the part with boric acid.
I wonder if anyone has a good way to get rid of that crust formed by boric acid on parts. I used it to prevent decarbonisation of my parts when I was making my "renzetti" blocks. It formed a glass like surface on the parts that was very difficult to remove (especially in threads which I packed with a lot of it..). In the end I had to run a carbide tap slowly through those threads to get rid of it. I would use it only for smooth parts it can be flaked off easily.
My recommendation for preventing oxidation is a thin stainless steel bag and a piece of paper inside. One can buy very thin stainless sheet to make them.