It is also possible that the hammered silver paint happened to be rich in laquer and coated it better than usual...
I have seen wrenches that were painted with wrinkle finish paint have the paint flake off leaving perfectly clean polished steel underneath...doesn't necessarily mean it won't rust, just that it hasn't rusted yet....
Some Chrome steels will resist rusting somewhat better than normal steel, and are magnetic, others will rust like mad, There was a company that made a batch of resturant sinks out of a chrome alloy , they looked just like stainless sinks, and they were *much cheaper*, but to the annoyance of the folks that bought them, they all rusted within a few months of having chlorine bleach applied to them....Small changes in alloying have surprising effects on corrosion resistance...
I would be really surprised if it's anything other than plain old sheet steel tho, we are talking mass market sold through mail order here...
It is also possible the steel was tinned or leaded to make it easier to die form, used to be common to do that, the old dies weren't as durable as they are now, making the steel a little 'slippery' made them last longer.
(lead coated steel also holds paint better, when bare, it gets dull, but polishes up easily...)