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+1 on comments by JimmyHAD

No oil. Lather is good so is just clear water.
It should be super smooth to the touch, that is a good thing.
I do not have a Swaty the good ones are supposed to be...

How does it hone without lapping (try it first).
It may have a fine and useful polish that you
may wish to keep and enjoy. Or is it too abused
for this....

Yes.... and no.

Barbers hones have a reputation for being very different.
Some are fast, some slow, smooth, rough.... In general
they are all light touch, five strokes and you are finished...