This makes sense. It could be a type of wax (firm though) and does wear away over time. It does not make the linen any less effective so why remove it? It was put there for a reason.
Yeah, good observation on the wearing away. I can confirm it as that old first strop, after twenty years had little to no wax on it when I abandoned it. Not for that purpose, mind you. Long sad story about that old strop though.
Chris