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Wool shedding around cuffs of Wool Toggle Coat?

I have a navy wool toggle coat who's wool is shedding around the cuffs leaving small grey patches. I honestly don't know where to start as far as repairing in concerned.

I took a picture of one of the cuffs: http://img340.imageshack.us/img340/1750/cuff.jpg
Rich, October 2009