It is in "bad" condition if you try to shave with it because the cutting edge has had time to oxidize and thus become dull. It needs to be cleaned first and then honed. Cleaned first because the process of cleaning invariably dulls the edge. Try using a metal polish, such as MAAS, to clean up the blade. A Dremel on a low setting with a flet wheel pasted with the MAAS metal polish works well.

Hope this helps,