I use a round disk of walnut, rotating at 1750 RPM. Works really slick. Just wet your leather edges with water a bit and buff so to speak until dry, repeat several times and you get a very slick edge.
To do the walnut disk without a lathe is not that difficult: Draw the size of it on a board of hardwood, drill the center hole to your shaft size. Handsaw or for those of use who have a bandsaw, outside the scribed lines.
You have to be carefull on the next step. Chuck the wood on a shaft and rotating it towards you carfully use the flat side of a rasp and true the disk, follow up with sandpaper on a flat piece of wood.
I have used mine for 4 years now and the disk shows no ware, just shines.
Hope this helps.
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Haslinger Handcrafted Custom Knives
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