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Ah, that's good. I hope you can get it completely smooth :)

Ironing leather? I've never heard of that, perhaps someone else can comment on it. You could try compressing it under a pile of books for a few days, to be on the safe side.

I'd say ironing. Maybe wrap it in a towel (or what's the word for the cloth you use for drying dishes?) if the linen is delicate.

That looks just superb! Did you strop with it, yet?

I'm very apprehensive of that fold in the leather. If it has been drying like that for years, I'm not sure you could get it back into shape. I think it will need moisturising/oiling/greasing before...