A coated hole cutter including an ink-based colored coating applied only to the external surface of the cylindrical blade body of the hole cutter, but not to the surfaces of a circumferentially-extending cutting edge or to the interior surface of the blade body. The ink-based color coating is an ultraviolet activated ink that cures when the coating is exposed to a specific ultraviolet light intensity and wavelength. At least the surfaces of the cutting edge and the internal surface of the blade body, which do not include the coating, have a steam tempered oxide finish that imparts a color that contrasts with the color imparted by the coating.