Manual arc-welded hardfacings are widely used for the protection of new or the restoration of worn parts in agriculture, forestry, and mining applications. A study was conducted to investigate the effect of electrode covering composition on the microstructure, wear (low, average stress abrasion; erosion at 30, 50, and 80 m s−1), and economic feasibility of Fe–C–Cr manual arc-welded hardfacings. Hardfacings were produced with the carbon and chrome contents varied in the ranges of 0.87–2.95 and 1.3–33.2 wt.%, respectively. The major phases composing the microstructures of the hardfacings were austenite, perlite, ledeburite, and various carbides, including eutectic M7C3. Technical and economic analyses were performed to assess the economic feasibility of hardfacings and reference wear-resistant steel Hardox 400. A wear and economic feasibility map was created to specify various types and facilitate the selection of optimal hardfacings for specific conditions. The produced Fe–C–Cr coatings were the most effective in low-stress abrasive conditions (up to 7.8 times greater than Hardox 400) and quite effective in erosive conditions (up to 2.9 times greater than Hardox 400).