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Mike
 
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Default Chisel Handle wood choices

I recently picked up a set of old socketed chisels with very nasty handles.
I am planning to make a new set of handles on the Delta lathe I just bought.
What is the best choice of wood for the handles. Someone suggested ash. Is
there other options to consider? Also, is the leather rings on the end of
the old handles for hand protection or just for ornamental purposes?