I've used a variety of tung oil/linseed oil blends on a lot of different woods over the years. Minwax Antique Oil Finish is still one of my favorites. Another is Formsby. I'm starting to experiment with blending my own to get the finished appearance desired. Avoid pure tung oil however, it literally never dries; resulting in a kind of gummy, sticky surface. The commercial products on the market all add a drying agent of some kind (and it does vary).
Most commercial oil finishes will give good results if applied correctly. Few advocate a true hand-rubbed method, but I still prefer to after the initial sealing coats. It is important to know the ingredients as some people may have an adverse reaction to some of the additives. Some, like TruOil, I avoid because I do not like what they add and the effect it has on the finish, not because my hide doesn't like it. I will say, it does work for a lazy, quick, simple finish; but it isn't durable, imo.
The most important component to having a rather durable, easily restored finish, capable of handling adverse weather and use, is time. Investing enough time to rub in enough coats to actually seal the wood and allowing those coats the time to actually cure, is why most people don't achieve a durable oil finish. Weeks to months, not days, are needed; local humidity can really effect the time needed. Part of the reason those old school guns had that famous luster and have stood to years of use, is the time put in applying and drying the oils used. Most of the stocks I've done, and a lot of other oil finished pieces, had somewhere north of 15-20 coats before I called them "finished".
Too many also ignore the wood not seen on an assembled firearm. It's also the most susceptible to moisture. The inletting is seldom sanded to as fine a grit as the exterior wood. The finer the sanding grit used, the more naturally repellant to moisture the wood will be. The inletting should be given as much attention to complete coverage with the oil as the exterior. Obviously, any bedding provides that portion of wood complete protection.
Waxing completes the oil finish. It's been used to protect the finest furniture for centuries. But waxing too soon after the last coat of oil prevents the oil from curing completely. Time. Allow a few weeks minimum.
Now that I've finished this dissertation and put everyone to sleep, think I'll go grab a
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