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IMO, I'd go with the second provided the ball locks down with no wiggle. To me it seems like it'd be higher up than the Stearns, but then again you could always mount the Stearns to a long board and put it in the vise. Do you do any sharpening at odd angles lol.
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I've always thought the Stearns vise - I have one, too - is really more designed for touchup of a saw on a jobsite than for serious sharpening, for which the Sargent would be better. If all your work is in the shop, move the Stearns on to someone else. If you take a handsaw out to jobsites, take the Stearns along with you.
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Keep the Sargent, sell the Stearns. The latter, perhaps $15, and I agree it was a job site vice. You might as well keep em both.
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Can't add much to what others have already said. I've sold a few like the Stearns - with a name (and Stearns is respectable enough) on eBay I tend to get between $15 to $30 for the jobsite type like that (usually on the lower side of that). Its one benefit is that it's open underneath so you are not limited in the depth of saw it can hold. Can't imagine how often it would actually matter but if you had to highlight it's strong points aside from portability, that's about it. The downsides are it's relatively lighter construction makes it a little less solid. The ones I've had like that tended to not close the jaws consistently across their width and had a gap in the center. Looks like yours may have a piece of material added as a makeshift jaw liner which might help close the gap. Gap = vibration I believe.
All of that said, I've not tried my hand at sharpening saws enough to really comment on which is better/preferable.
A.
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