The center images fit in the different size handles. I just put a 1 5/8" image into my 3 1/4" handle.
The outside borders will NOT fit -- at least the 1 5/8" will definitely not fit in the 3 1/4" and vice-versa. I do recall seeing a blog post where someone took a circle border and gently made it fit into an oval border by cutting the circle apart (although she may have just been using one of the demi-circles....).
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