For more than you would think possible to write or describe, for more than you could possibly want to know, search this site:
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there are professional knife/blade makers, and some have been doing it for years.
Without fail, they will tell you a couple of things. One being that while certain men's belts are OK for stropping, most are a waste of time. They recommend a compressed or pressure rolled leather strip from someone like Hand America.
Last, the guys that make their knives out of the really high performance steels have found that NO compound is the way to go when finishing an edge. There is apparently enough silica in a good piece of tough shoulder hide to cut even the high performance steels these guys are turning out at 60+ pts. Rockwell.
Some will use fine compounds to start the honing process, but none finish with any of them. Some can literally shave their faces (arm/ leg hair is the defacto standard for a proper pocket knife edge there) with their large hunting knives.
A little too much for me. For my smaller pocket knives I can do a rudimentary strop on a piece of heavy brown cardboard that suits me just fine.
Refining the edge is much more than just removing the wire edge or "burr" from sharpening. You can do that with a chef's steel. A honed and polished edge reduces the friction of the cut as well as creating a convex edge which provides better fine edge geometry/strength for use.
That's a fun site. I have been participating there for a while now and it has really rekindled my age old interest in pocket knives, especially the old fashioned patterns.
The irony I noticed is just how far behind woodworking tools are in regards to what materials are being used. Probably the most common steel used for a very fine forged chisel for a woodworker is 1095, but more likely it is 1084, etc.
Yet those steels are considered the low end work horses of the blade and cutting edge community. There are a lot of fine knives being made from those steels, but it is not considered anything special.
I would love to see a set of high performance stainless chisels made from some of the Swedish steels - no doubt they would be wonderful. Unaffordable to be sure, but it would be great to have one super chisel that was your prized bull.
Robert