I have a similar hand-forged frame, which I have had for some years.
After seeing your post, I opened the box in which it was stored, and
found to my dismay that it is now covered in a light rust. When I
bought the frame, there was nickle plating remaining on parts of it,
which is now reduced to flakes. Mine has an ivory handle, which I
have always presumed was a replacement. Now, I suppose I will get it
out, and rehabilitate it! I’ll try and share pics for comparison.