Wane: In lumber, rough sawn or planed, where bark -- or other disfigurement -- from the original tree remains. Wane is where the Natural Edge of the tree tapers, leaving a bark-covered area on a board's surface. In most cases, a wane in lumber creates an issue that woodworkers seek to correct, by -- and there are several strategies -- cutting the disfigurement out. In other cases, where, say, a woodworker is seeking a decorative Natural Edge look, the wane is incorporated into the project.

3. The amount by which a plank (esp. one sawn from an unsquared trunk), or a roughly squared log, falls short of a correctly squared shape. Hence, the bevelled edge left on a plank (by reason of one face being narrower than the other), or the imperfect angles of a rough-hewn log .... 1662 George Atwell The Faithfull Surveyour: Teaching how to Measure All Manner of Ground ... London: Printed for William Nealand, 1662. page 132 When they do hew any timber, they ... allow nothing for the wanes. 1833 John Claudius Loudon An Encyclopedia of Cottage, Farm, and Villa Architecture and Furniture ... London: Longman, Green, Longman, Roberts & Green, 1863 §852 The whole of the materials to be provided and sawed out square free from wane, of the several scantlings and thicknesses herein specified. 1875  Thomas Laslett. Timber And Timber Trees Native And Foreign  New York: Macmillan, 1894. vol. xii. 75 All the thick-stuff and plank to be cut straight, or nearly so, and of parallel thickness, and to be measured for breadth at the middle, or half the length, taking in half the wanes. 1875 Thomas Laslett. Timber And Timber Trees Native And Foreign  New York: Macmillan, 1894. vol. xxxiii. 272 The trees ... are hewn into a square form, and have a small amount of wane left upon each angle. Source: Oxford English Dictionary