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Likely, it had some sort of strop dressing on.
As old as it is, I would hesitate to clean it. Might destroy it trying?

Lube it up from the back side, I suppose.

A whole lot of the oldies had milled leather secondaries.
Was a 'Hone' and a 'Finish' strop. In good shape, should work as when they were new..
Hard to see in good shape. Give it a go!
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