This is exactly what I do! Works great!I use a guillotine cigar cutter and slice coins as thinly as I can. Then rub out and let dry. Sometimes I'll work the resulting ribbons with scissors if they're real long.
The definitive solution is right here:
Amazon.com
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And it's only 9 bucks and it works great on coins, flake and sliced plug. My second most used tool in preparation right after my scale.