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When the bevel starts to run up the blade towards the spine. Those old wedges were hand ground and most of them are not perfectly symmetrical/proportionate, so you could have a 1/8 inch bevel here...

On an old wedge like that I would start with 4 layers and watch the bevel, if it starts to grow larger than it should dont be afraid to use more. Take the tape from the tip of the spine, along the...

What stones/grit do you have at hand?