This section is from the book "An Elementary Outline Of Mechanical Processes", by G. W. Danforth. Also available from Amazon: An elementary outline of mechanical processes.
Fig. 199 shows a group of cutters, arbors and collets.
Cutters are made of high-speed steel for roughing cuts and of carbon steel for lighter or finishing cuts. After a cutter is hardened for cutting it is ground to exact shape in a special machine made for accurate grinding. In this way all the teeth of a cutter are made to cut in the same path.
 
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