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For the ruff side you could sand it down with 150 or 100 grit. once it is level you can apply chromium oxide paste for edge touch ups. I use green myself some folks prefer red. Or you can apply .5µ...

As mentioned above that's a pretty good find. I have revived many vintage strops by this method.

Cleaning with a touch of saddle soap and barely moist cloth.

If it's dry, I will rub in dabs of...