all steel from what i have read ... the exception is now sean's boat.   i don't believe that just because there is steel means replacement is required.  the issue is if water is getting into the steel.  sean's M23 was in the water for YEARS.  the boat didn't even have a trailer.  the other two M23s i've been lucky enough to see have owners that haven't stated they are having problems with the ballast.   look at the older M15s and M17s.  very few have ballast issues.  the 17s have issue with the cast iron centerboard more than the ballast.   my 2-cents.     dave scobie M15 #288 - SCRED visit Scred's www-site: http://www.freewebs.com/m15-named-scred --- On Tue, 12/2/08, Brian Gilbert <hammerguy@bellsouth.net> wrote: Hi Everybody... Does anyone know if Jerry used lead in any of the old M23s, or were they all ballasted with boiler punchings? It sure would be a nice boat to have, but digging out the ballast to replace with lead sounds like a waking nightmare of a job. Best Brian Gilbert Author, Fix It And Sail, the Complete Trailer Sailer