Plated. Or possibly painted.
You can actually see the white color peeling off - and revealing the yellow brass underneath - in several place on the obverse rim (several big spots at 10-11 hours, obvious small spot at 12 hours, and assorted less clear spots elsewhere; there's also a possible reverse spot at 6 hours).
You can actually see the white color peeling off - and revealing the yellow brass underneath - in several place on the obverse rim (several big spots at 10-11 hours, obvious small spot at 12 hours, and assorted less clear spots elsewhere; there's also a possible reverse spot at 6 hours).





















