Score the protective coating, using the utility knife. Do this until you reach bare metal. Score the old coating until you are able to remove it with little effort. Score it in several places on the handle, if necessary.
Peel the protective coating off of the tool until only the bare metal is exposed. Use pliers to pull away stubborn pieces, if necessary. Discard the old protective coating.
Remove any remaining sticky residue. This can be done by rubbing the surface with a rag dipped in turpentine or mineral spirits. The tool is now ready to accept new protective coating, if desired.