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>Pencils can be quickly swapped for different hardness. Swapping the lead grade in a holder is much more involved.

But surely you could just between multiple holders with different leads in them, which would be equivalent to swapping pencils?

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Yes, but at a price and space disadvantage. A set of leadholders to match the gradient of a good art pencil set will cost at least tens, more likely hundreds of dollars. They will also take more space. Clutch pencil leads are not as readily available everywhere, especially in different hardnesses.

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