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The bevel would be the shaving edge and pitting would be rust on the cutting edge. The metal on the edge is very thin on a hollow ground razor and any pitting there can lead to a swiss cheese edge...

As long as there isn't any pitting along the bevel it should hone up very well.

Here's one on Ebay listed as a Victor Black Deamon
Vtg/antique H. BOKER, DE ROMA, VICTOR BLACK DEAMON Straight Razor Cut Throat LOT | eBay

There were lots of German razors, some were house brands or barber supply house brands. I've never seen this brand before, hopefully someone else will know more than me about this brand. It looks...

Pictures would be a big help if possible.