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Blueing is a coating on the metal that helps inhibit rust it doesn't stop rust but does offer some protection to the metal. Think of a gun barrel. If you can restore a razor, you can use cold blue.
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Excellent looking razor. The two tone scales are cool!
I have a Union Cutlery as well its an Expert Barber Blue Steel that is an excellent shaver.
They have a cold blue that you can do yourself,...