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Location: Suburb of Los Angeles
In terms of strength-to-weight ratio, eastern white pine is the go-to material.
Out on the west coast a great substitute is molding grade sugar pine.
For appearance it's tough to beat Honduras mahogany.
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Location: New Jersey
First, are you looking for an end product that is purely functional, or something that is a showcase of the tools being stored, i.e., Studley Tool Chest-esque. If the latter, go with exotics that will impress. Otherwise, stick with pine or poplar, and where this chest is intended to be mobile, look for ways to make the chest itself a bit lighter in weight, but stout, as you don't want to add weight where it is not needed. My travel chest is made of pine, and it gets dinged, but again, it is there to protect the tools, not to be an end in itself. I obviously tend towards the functional, there may be middle ground, like an exterior of a more common wood, but the "wow" factor appearing once it is opened up. It's your chest, make it to your taste, its all good.
Credo Elvem ipsum etiam vivere
Non impediti ratione cogitationis
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Not sure I’ll ever finish at the rate I’m going but I’m using walnut on mine.
(More accurately I should say at the rate it keeps getting bumped for other more pressing projects)
-Marc
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I intend it to be a showcase for my favorite and most valuable tools. My special hand tools never leave my basement shop. I want my son to know that these tools are family heirlooms and should not be sold at a garage sale. So, I want to select a premium wood that works nicely. Walnut or mahogany would be good choices.
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Location: Bothell, WA
Sapele if you're concerned about weight. Bubinga if you are more concerned about damage resistance.
Cellulose runs through my veins!
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Location: Front seat on the Struggle Bus
While not a chest, I made my handtool cabinet from American Elm.
Ed
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Location: New Zealand
Often it's more a question of "What have you got?"
I could tell you to build it out out of all sorts of weird Sth Hemisphere woods, but the chances of you finding Rimu for any sensible price is remote. But I have a large stack of it (recycled) in the shed.
Build it with the wood YOU have. "Best" is then up to you. I'd probably go with Macrocarpa (Monterey) Cypress, but again, good luck finding that in the US (even though that's where it's native)