Moving toward a consensus?(I feel sure I spelled that wrong....)? It looks to me like it spent some years underground, or perhaps wrapped or otherwise enclosed in some moisture-wicking material. No one in China listen, but youse might be surprised what a couple weeks wrapped in newspaper gotten wet by a person not me while under her care
will do to "age" your nice antiques
Also, though plenty sturdy for day to day handling, and in all reality probably fine and dandy for haybails or even for spearing an occasional animal, cast iron is a relatively brittle substance, and a wooden target might well do this thing in (or at least its tip) in fairly short order. I agree with Conogre though that it's still a fun piece, probably with some good age (pre wwII), and of some interest as a costume, decorator, or even practice blade.