A fountain pen is what they used to use before ball point pens were available. They were fun to have, even could squirt ink on people, and made a mess if not taken care of.
Now with that said, they still make both cheap and good fountain pens. I have been using Pilot Varsity pens for a long time, haven't bought them in a while because i have maybe 50 of them left and know how to refill them
Oh by the way, some time ago there was a law passed that all documents submitted to the feds or official fed documents were to be signed in blue ink only. Maybe it was just a policy but I know that it was talked about a bit where I used to work when someone sent in an New Drug Application and it got kicked back because the signature was in black ink.