by 
The Curious Bag
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<h4 class="dechead">On One Hand: Antique vs. Modern Tool
A bench plane is a tool used to level and shape wood, or even plaster in a mold. Historically, bench planes were made of wood with a steel blade. In modern times, an iron body was developed. The iron tool has a blade-depth adjustment function that is more accurate and easier to use than adjusting the blade on a traditional wood plane.
On the Other: Wood Works Just as Well
A wooden bench plane is just as functional and does as good a job shaping wood as more modern iron planes.
Bottom Line
For pure functionality, the iron bench plane is a more useful tool because it is easier to manipulate and adjust. However, if you have a passion for working with antique tools, go with the wood plane.
Source:
Craftsman Studio: Bench Planes
More Information:
The Society of Preservation and Study of American Wooden Planes
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