Yes Nick, the paint is chipped and this kind of figures is not to be repaint
The value depends on the rarity and the condition ; I have quite the same set in better condition ; I will post a picture when I find the box
This is one of the interest of collecting old flats; like old books (I also collect) you have to be a true seeker
The paint was oil directly on the metal which explains the chips
The modern painting way started around 1920 the improvement following the one of the engraving
Before that flats were considered as toys but they already had this historical interest
I agree with Roger and I am fascinate by those little things; but mind your wallet, it's more expensive than modern unpainted flats !!! (but less expensive than women
)
Eric