More than you think! I was under the mistaken impression that pencils were made by drilling a hole in a cylindrical piece of wood, and then inserting the lead in the said hole. Whether your favorites are 3B, F, HB, or 6H, fellow design geeks should gather round to watch this video. Now.
I am blown away by all the different processes represented in this one video (though it could be the strangely mesmerizing techno music in the background), and may never look at my Staedtler pencil the same again. Check out the testing at 3:11, the 4 coats of paint to cover the wood grain, or the grinding drum at the end that sharpens all the pencils.