Hello Geraint
Out of habit i always look on patina and corrosion first. Iron its envitable to corrode, old age corrosion and patina its hard to duplicate. As for casting, well it is ancient methode to create thing out of iron ore.
So even if it is casting with correct patina and corrosion sud be fine for 100 dollar tsuba. In regard of iron if it from before 19th century and forged, it need to be from wrought iron material because no other material available at that period..Japan n perhaps the world still not knowing mild steel. I think this also linear with katana sword where the soft iron sud be wrought iron material.
This btw is my own methode to identify old and fake old. Even it is look old but the iron is mild steel then it is definetely from 20th century.
As for tsuba above i need to inspect it closely thats why i bought it. After this i also will buy wht being regarded as forged tsuba to see if it truly forge and using wrought iron material because it need to use wrought iron material. Its easy to test u just bend it until breaking point and see the iron grain.
At this point im still not in preservation mode (otherwise i will aim for masterpiece), right now im still in curiosity n learning process
Cheers