It is a parkerized Parker. I had thought of doing that to a gun in poor condition for hunting.
The barrels were probably bead-blasted or sand-blasted before going into the Parkerizing tank which puts a phosphate coating. If you have someone rust blue them they should be able to smooth out the rough finish and return to the original finish. Same with the receiver but you may lose the engraving to get it smooth before either leaving it in the white, bluing it, or case coloring.
It would make a good field gun as it is. But you'll never get your money out of refinishing it unless you can do it yourself.
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