... with a soft cloth. I've never had any problem cleaning hot stamps in this way. I do occasionally use a soft bristle tooth brush to clean accumulated gunk out of small indentations (e.g., the cane in H&C molds).
I clean virtually all of my chips except those that come straight from the cage and have never seen play. I have also experienced no fading or drying out. The pink goop is great stuff (available from CT Rodgers; unpaid endorsement <g>).
----- jim o\-S
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