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Judging from the condition of the rest of the gun that may be the original stock finish.
I think I remember Austin once suggesting the freckling on the frame may be something akin to old mildew or some kind on organic matter which may have held moisture and gone to a rust-like scale.
I agree with Bruce regarding his suggestion of the use of Flitz to clean it up a bit.
The Following User Says Thank You to Dean Romig For Your Post: