Thread: Covered Tangs = Rust Magnets?

So...are covered tangs like the one on this gorgeous Henckels (photo borrowed from the Revisor "Raritäten" site) more susceptible to rust?

I assume the celluloid is applied with something that is impermeable to water, since it would be impossible to remove any moisture that managed to sneak between the steel and celluloid. I've seen similar tangs that have used dovetails instead of the pins seen here, but either construction style would seem to be potentially problematic if not perfectly executed.