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The molasses and water works. When restoring old British motorcycles, some of the rusty parts are so thin or so small that grinding or a wire brush would cause the parts to disappear. I just drop the part in a can of mollasses and water, pull the part out in a few weeks and the rust is gone. It is an old British restorer's technique. It is slow, but it does protect the small parts from the grinder and the wire wheel. Sometimes you read a reference in a British magazine about putting an old part in "treacle", it's the same process.
if you want a instant fix and will leave a nice bare metal finish use liquid muratic acid in a metal container and dip them make sure to use gloves the acid is cheap too and it removes rust instantly and will free them right up i used this trick on some tools i just bought from a estate sale i bought 150 various pliers for 15.00 soaked them in muratic acid until clean and when they were done i put new rubber handles on them with plasti dip
I just wanted to add that since this question was aimed at the restoration of a tool then I might also suggest that after you get the rust off the tool then to store it with a light coating of something like crc lube or wd40 that sort of stuff you can wipe it off before you use it again if you don't want the oily residue on your hands but this will help alot to prevent the tool from rusting up again.
twice now i've found fencing pliers on our farm that i've dropped and left outside for 6 or 8 months. they've been pretty well seized. anyway, i pour lots of marvel mystery oil in the joints, let them soak for a day, then reapply the MMO as i work them open and shut. after opening them ten or twenty times they work just as good as new with no binding. your mileage may very.
Gordo's formula of 1 part molasses to 3 parts water works. You can use up to 1 part molasses to 1 water. If you use 100% molasses it won't work. You can store your mix, or simply pour it in the yard when you are done. No toxic chemicals to worry about.
Sometimes it is suprising how well simple solutions work. When I was at the British Museum, I asked one of curators what they put on the 1,000 year old metal weapons and armor to preserve them and keep them from rusting. He told me bees wax. He said that was what was originally put on the weapons and armor 1,000 years ago and that is what they still use. He said they haven't found anything better.
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