Nice old knife. If you ever want to clean it up to satin polish here is how:
Buy a brass gun brush (you can find these at almost all sporting goods stores and gun specialties stores for $3) Buy a product called Loctite Naval Jelly $8, and buy a half gallon of K1 Kerosene from the local gas station $5. Buy steel wool or a metal finishing pad from a local hardware store for abrasive$5. Also buy 2000 grit Wet/Dry paper for final finish (Black Paper, also called automotive wet/dry) $8 Lastly, a product called Flitz Metal Polish. A dunhams sells this near me, most gun specialties stores, and you can also order it. It is about 7-10$ a tube and works wonders on all metal. I used to think it was just a gimmick, but it is so useful for restoring things that I will always use it...
If you buy these you will always have them around to use...
Buff the blade with a brass gun brush liberally to remove all loose surface rust.. Brass brushes is softer than steel, but harder than red rust and black oxides (patina and black dorment rust is black oxides - The red active oxides are what pit a blade) Do not use Navel Jelly with the brass brush because the acid in it will melt the brass onto the steel... FYI
Apply Naval Jelly to the Blade and let it sit for 10minutes, and buff with a small piece of steel wool liberally. I recommend laying the blade on a table and putting just a bit of pressure on it when you do this. Buff with the naval jelly still on the blade.. then rinse the blade in warm water until the jelly is off, and wipe with a paper towel or rag with some K1 Kerosene. Then wipe with soapy rag.
Repeat this until all the rust is off. It should take 4-5 applications.
Then go over the metal parts of the knife with the brass brush and steel wool or metal finish pad...
Now ~ Use the 2000Grit Wet/Dry paper with a flat sanding block of some sort (Could be a piece of wood of plastic... corner of table.. whatever works) Sand the blade FLAT. BE CAREFUL to keep the "lines" of the knife.. The blade will be close to Satin finish and you should almost see your reflection in the blade. Now use Flitz polish... Squirt a pea sized bead onto a small patch of clean cloth and rub all metal parts on your knife liberally with it. You should end up with a knife that looks like new.
Just FYI if you want to ever restore your old knives to new.... Personal experiences. - Zemapeli