This section is from the book "The Boy Mechanic Vol. 2 1000 Things for Boys to Do", by Popular Mechanics Co.. Also available from Amazon: The Boy Mechanic, Vol2: 1000 Things for Boys to Do.
A pencil sharpened with the device shown will have a better point and one that will not break easily while being sharpened. The lower arm A is made from a strip of sheet steel, 1/16in. thick. An extension, 1/4 in. wide, is cut and bent in a circle to form the lower finger hold. The upper arm B forms the cutter, which is made from a piece of hacksaw blade. The teeth are ground off and the temper is drawn from the extension that forms the upper circle. A portion of the arm A is bent over, as shown at C, to form a support for the pencil point to rest upon. A hole, large enough for a pencil to turn in, is bored through a stick of hardwood, D, and tapered so that the center of the hole meets the inner edge of C. It is fastened to the lower arm with screws. A sharp cutting edge is ground on the blade which is then attached to the arm A with a rivet loosely enough to swing freely. - Contributed by J. V. Loeffler, Evansville, Ind.
A Pencil Sharpener That will Make a Point without Breaking the Lead