Rust is the generic term for corrosion, specifically where iron has been exposed to oxygen and water and started to corrode. It forms a red, flaky surface to the metal which is called iron oxide.
Corrosion can occur on many metals, however, the difference with iron is that the rusted top surface doesn’t form a protective barrier to the internal metal layers, which happens with other metals such as silver. The corroded surface of such metals forms a chemically stable crust or seal around the rest of the metal. You can see this on silver where the surface becomes tarnished.
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