I believe they were extruded (like the original hutch stems), cut from the extruded stock with a band saw and then machined on some surfaces. I have only seen annodized or raw, never seen a "painted" one.
The marks on the sides of the stem would make sense according to what Greg is saying.
It's possible someone painted this stem over the years. I need to look a little closer at it.
I will treat it the same way I treated my Reedy pedals - a very careful, sympathetic restoration. I do not plan on painting it either.
Anyone have a sticker for one of these?