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Take water + soap + years = rust = pitting

Just water would probably cause it to, but being totally unscientific I think the addition of the shaving soap worsens things...

Leighton do you have a low grit stone like 500 or below???

Here is what I do on stuff like that, before I waste my time on a bad blade...

Two-three layers of tape, put the edge on a low grit...