Quote Originally Posted by bouschie View Post
I think you should be able to clean it up with real fine emery cloth or steel wool and then polish with metal polish. I would put a drop of oil on the pivot point. After shaving and drying with a tissue give it about 8 passes on each side of the blade on the strop. Store in a place where the blade is not enclosed and can breath. I do this and have never had a rust problem or a problem with waterspots on the blade.
Be warned that this will also remove the very thin gold wash! I'm not sure if you can remove the rust and keep the gold wash underneath.