How to deal with worn-out threads on binding post?

AlbertPorter: That looks like exactly what has happened. In fact, there has been so much compression that the two halves now look like an oblong

Thank you so much for the advice! I will be careful in choosing the right diameter dowel, and will let you know how it works out.

It worked!!! I inserted an awl into the space between the two split halves of the barrel, and gently worked it back and forth to move the two pieces more or less back into alignment. The nuts now screw on tightly, and the speaker cable spades are now held securely in place. The next step is to find an appropriately sized insert to keep the two halves in position. (A friend suggested using a small diameter bronze rod.)

Thank you again! It's amazing what a tight cable/speaker connection will do for the sound!

I’m, glad my comments helped.

The Bronze rod your friend suggests is not the same conductivity as the original Edison Price connector and adds additional material the signal must pass through. I would still advise an appropriate diameter wooden dowel to keep the split halves from compressing. The wood rod does not alter the original conductivity and unique design of the Edison Price.

Too, the wood dowel has some give as you tighter the nut. This helps with resonance and provide a micro amount of "spring" or friendly resistance to the connection.

I know I'm being picky, but the effort is low and the cost of the dowel rod is less than the gas to drive to the hardware store. Try both ways if you're adventurous, but please at least try the wood. It was a very nice and basically free improvement when I was using Edison Price.