Indefinite life if stropped correctly and remains defect free. Sorry to say that the mineral oil does not play well with leather. I would clean it well with some saddle soap and then go again with Neatsfoot oil as already suggested. The feel is very important. It should feel perfectly smooth, soft, pliable, very flat (no cupping) and free of defects. If it passes these tests then I agree with others that the stropping of the blade actually seems to improve the strop over time. At least that has been my experience with razors. However, stropping knives or hatchets will definitely limit the life of any piece of leather. Enjoy.

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