It can be resorted to original condition, for a price.
Depending on how bad the rust is, it may be as easy as a good scrubbing with fine steel wool and a little oil or it could take a total restore job.
Either way it well worth doing, for someone. Maybe not for you though.
I have restored a number of old guns, mostly shotguns. Many of them came to me looking more like old crowbars then shotguns. I was able to restore them to good, no like new, condition and I'm just a beginner at this.
Anything is possible, it just depends on ones ability to learn new things and their willingness to put in the time.
If you don't have it, or don't have the time, maybe a friends does.
Or you could take it to a gunsmith.
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