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There is a method to it, which I think is to leave the ribbon on the spool and apply four or five drops of glycerin around it, then wrap it in tin foil and leave it for a few days to give the glycerin a chance to fully permeate the ribbon. However, I'd do a quick search on the technique as I never revive ribbons and my memory is dodgy at best.
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Wow!! Looks like one I've got. Mine once belonged to a grade school teacher. She bought it February 14, 1967. My guess is she bought it brand new. This is strictly logical deduction: The tab stop rack is just like one you'd find on an elite typewriter (which is 12 pitch), but the print is a lot bigger than that. In fact, my guess is that when the tabs were used, only every other one was used. That would make it a 6 pitch machine--only six letters to the inch. Now that's pretty big. It looks like your machine is about a 6 pitch also.
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There is currently a SCM Smith-Corona Electra 120 that is 6 cpi, 3 lpi (Ebay #381500910929). It has some issues with clean type on the page. I had made offers on it but we didn't agree on a price we are both happy with.