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The Robert Sorby Mushroom Tool (ref. 804H) has been specifically designed for under-cutting rims on turned projects. The HSS tip give sufficient clearance for a cleanly feature.
Other tips can also be fitted to the same shank -
Mini Round Nose Cutter (ref. 804C06)
Rim Cutter (ref. 804C05)
Side & Face Cutter (804C07)
Side & End Cutter (804C08)
Tips are sharpened using a diamond file or hone.