IMO the paint is original. I have been studying these cap devices recently, and have seen many with the same type of wear. It is actually more of a cracking/ flaking of the paint, with some wear.
BTW, it is not a Krätzchen, but rather a Tellermütze. The main difference is the presence of a leather sweatband. A taller band is also a sign. A Krätzchen is a field cap.
Comment