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Now that I have seen a pic and I can see that it has been honed all the way into the shoulder, pitch it, if there is that much bad steel its not worth further effort. It also looks like it may have...

I wished I would have seen this sooner, but you have nailed it. Congrats, as an earlier poster said(Jmmy) Always check the edge under magnification first. You are also correct about the origins of...