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Just curious. Is it a St. Louis Shumate or Austin TX? If Austin TX, they are desirable by some members and hard to find.

I would remove the scales. Clean the blade with 400 grit wet/dry sand paper and WD-40. Polish with a good metal polish. Let it sit for a week or two. If no further put new scales on it and continue...

Are the scales original? You may have cell rot in the scales. Until you remove them and replace them the razor will continue to rust.

Post photos of blade and scales. Include some close ups so...