I would not say it is badly pitted. Except for the heavy spot on the toe of the grip, the rust is mostly surface discoloration that has not penetrated to a significant depth. It will never be a fine finish, but a lot of it will clean up. Although I wouldn't make a great distinction between the two, this condition is usually referred to as "freckling" rather than pitting.
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If it's made after 1918...it's a reproduction
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