"Recycling" Fur?

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This situation has come up through a friend who asked my opinion on a coat of hers and I was wondering what other people's take on it was. For those that disagree with the fur trade - is vintage fur as bad as "new" fur? For example, if someone buys a 1920s fur muff, stole or coat, would it anger you as much as if they were sporting a new piece? No new animals have been killed and it's ensuring the fur doesn't go to waste, yet at the same time it is still an animal that has been killed for fashion. What do you think?