Marty which one are you using to look at the cutting edge to ensure set bevel, is it the carson?Yup, bevel is not fully set.
First clean the razor with 000 steel wool and WD40, remove all that rust on the blade, or you will transfer that rust onto your strop. Then polish with any good metal polish.
If you are going to sand start at 600 for a razor in that condition.
Rust is abrasive, way more abrasive than any low grit stone you are using.
A single bit of rust grit will scratch the bevel and end in a chip at the edge.
Once clean fully set the bevel on the 1.5 stone. Get some lighted magnification, under $10 for a lighted 60x or a Carson Microbrite, $15.
Google My Second Try at Honing and make your bevel match the bevels in that thread.