These are essentially commercially made whetstones. They are very similar to rectangular ones but have the shape of a washer. They work as expected - wet them and work with the blade of an axe. Or use them dry and clean the stone later. I tested one on an overused axe. This is a hatchet that stands near the door and allows you to quickly slice random objects in half. It has dents on the edge where the chopped material decided to fight back and where the ax was dropped, thrown unsuccessfully. The sharpening wheel did a good job of reducing dents and keeping the blade looking good. All of this to say that I think these things are the wrong grit for use on really sharp ax handles that are as sharp as good knives. For them, a 400 and 1000 grit disc would make more sense.
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