Abstract: A conventional means for sharpening leads consists of a flat stick covered with abrasive paper strips that do not prevent lead residue from falling out onto desks, equipment, hands and drawings. Cone shaped lead sharpeners are known but when used for compass leads, they are most easily used if held substantially horizontally and of which circumstances the residue of the pencil lead dust and the like still spills out. The present device includes a fixed, inverted truncated sharpening cone held in a container by means of a retainer ring having a residue trapping collar formed under the ring and adjacent the upper end of the sharpening cone. This residue then falls downwardly into the open based cone into the base of the container when placed in the upright storage position.