Use your calipers to measure the diameter of the ferrule plus a bit.
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Cut in with your parting tool and calipers to leave a spot where the ferrule will eventually go.
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Hold the callipers in your left hand and ease them at the wood while cutting with the parting tool in the right hand. The callipers will ease over the wood when the cut is deep enough.
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With your parting tool, cut down the wood before the ferrule tenon so it is small enough for the ferrule to easily slip over it.
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Now cut a gentle curve of bead and cove from the decoration to the ferrule cut. Follow the picture of the pattern. Either a spindle gouge or a skew works well. If you use a skew this piece will likely not need sanding,
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