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Start with two pieces of wood. Glue a 1" spacer to the front of the compass and a 3" spacer to the back. The spacers need to be a little wider than the diameter of the bolt on the knob.
Clamp the pieces together and allow them to dry. When dry, remove the clamps and mark out the locations for your pencil and carriage bolt. The hole for the pencil should be located 1-1/2" from the front edge of the compass. The mark for the carriage bolt hole should be 1/2" from the front of the compass.
Drill the holes with a drill press. Each of the holes should be drilled into the center of the piece. Use a spacer to keep the legs of the compass from squeezing together.
With a band saw, cut a kerf down the center of the front of the compass, toward the pencil hole (Image 1).
Use a grinder to create a point at the end of the knob bolt (Image 2).
Attach the carriage bolt and knob. Slide the pencil into the hole. The kerf will provide tension to keep it in place.