Prepared dies which were stored without adequate greasing will rust.
I find older coin years, worn dies and softer metal to have this effect more often.
In my opinion a coin struck from rusty dies is absolutely a genuine mint made effect, the same as a die break, die chip, die crack, cud, or clash. Most collector do not collect these but I find them fascinating. Ed
I want to point out that not every grainy looking surface or bubbling of the coin's surface is from a rusted or pitted die. Please due some research to find out for sure.