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I'm guessing the sharpen side would have an abrasive paste on it, or was designed for a paste that you would need to apply yourself. "Back in the day" it would have been red paste (jewelers rouge)...

Hey, don't worry about the nicks. It's a Craftsman.....if it breaks you just take it back to Sears and they give you a new one : )

Really a nice strop! If you ever want to trade for...