Thanks for the advice everyone. I just had a can of Renaissance Wax delivered, and I will do like you mentioned and wax the blade and the brown part of the scabbard to stop the active rust. I will probably leave everything else as is so I don't rub off the patina that I like. Nicotine patination is likely spot on. I found the dagger in a vintage storage box covered in dust, but I could tell the house had been occupied by heavy smokers for a long time.

The white spots are interior wall paint. There were originally three times as many, but most popped off easily with a quick flick of my fingernail. I didn't want to risk damaging the wood or the patina so I left the more firmly stuck spots there for now.

Last edited by dagr596; 08/12/2016 07:24 PM.