Agreed. That steel is too awesome, even with the pitting.
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I would watch that blade, something about the rust makes me wonder if it is not suffering from cell rot.
That fix is easy enough if you want to put the effort into it. Unpin it now is what I would do. There is some hand sanding to do but I have seen and fixed worse :<0)
Took the advice that was offered and removed the scales and did some wet sanding . Think its ready for a pro to take over.
Most likely if it is cell rot it is coming from the scales just in case you dont understand, cell rot occurs when celluloid scales break down, releasing an acid in the form of a gas which eats away at the metal. You may need to totally rescale that razor, just be very cautious. Placing it near any other razors or knives because itll rot everything sharing a box with it, and possibly everything that goes in that box in the future as well