Yep. They will oxidize away down to the single atom. Super sharp on that tip. Another reason to wear gloves. It is a forged item, and IMO, the shape it has now is not the shape it had at it's beginning.In my experience, it is just how the rusting process sometimes works on iron. It will more severely attack one section of the material more than others, and when it is a nail, or other similar shaped artifact, you get these pointed ends...especially on old forged material like yours.