They still polish up beautifully, but the glossy black edges have all flaked off.
A former tuba student and repair employee (who - fortunately - got out of the music biz and into real work, in a sector of the military whereby he has made a really positive difference throughout the world) told me about this product which is SPECIFICALLY designed to restore these edges (again: if shoes ever get this old, or are worn often enough for this to occur).
Here's a before-and-after of the first coat:

Here's the product (which also does a far better job that that sponge-tipped stuff for the BOTTOM edges of the shoes, as well.

Here's after several coats (and not waiting for previous ones to dry). It builds up and forms that glossy edge - much like new shoes feature.
I did NOT sand any of the edges of the leather, but HAD I done so, the final result would have looked much more like: ie. "new" shiny, built-up, AND smooth. (For me, black-and-durable - ie. more durable than would be a polish or dye - is good enough.)

I've never even seen it in shoe shops, much less the shoelace rack at dept. stores. I didn't even try, and just found it for sale online.
FOR PITY'S SAKE, do NOT spill this stuff !!!!

bloke "apologies to the current and former military musicians who already knew all about this product"
