
Katherine C. answered 05/31/17
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The orange stuff is indeed rust, Fe2O3. H2O. Since you have a surface reaction and not a reaction in solution, it will take a while to react the entire nail. The iron content in the rust is 62.85% by mass, so a little over half. Losing .04 g of the Fe off the surface of the nail means you created about 0.064 g of rust.
Most nails are not made of high quality steel. Some nails are treated with zinc (galvanized by dipping in molten zinc) to slow down corrosion. I wouldn't think yours was, although most of them at least have a thin coating of oil to keep them from developing corrosion before they can be sold.