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The cap is actually a thin sheet of aluminum pressed over a nylon backing which snaps on to the wheel. I chucked the cap in a lathe and wet-sanded the "H" off. Then I polished the cap while turning in the lathe. The photo is a polished version. My son has now refinished it again with more of a brushed look.
This was simply a test to see how it looked without the "H". What do you think? I can't decide.