It looks like a little yellowing age spots. This will make for a very fine Collectible Piece of fishing reel history and a very nice addition to Your Collection or Someone's Collection. Don't Let This One Get Away.
Look at the pictures and take a look at my other items. The item "MITCHELL COLLECTOR'S VALUE GUIDE BY DENNIS ROBERTS MITCHELL SPINNING REEL BOOK" is in sale since Sunday, July 10, 2016. This item is in the category "Sporting Goods\Fishing\Reels\Spinning Reels".
The seller is "ronaldeanickles" and is located in Louisa, Kentucky. This item can be shipped worldwide.