(This case is worn out.)
The case of this watch was chrome plated over a "base metal," which often was brass. Here, you can see lots of chipping and erosion of the plate, to reveal the less attractive underlying base metal. It's a shame, since the dial of the watch is in relatively good shape. Stainless steel cases fared much better over the years. I am told you can get the cases re-plated, if you really like, but that it's expensive.