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@px10
Not entirely sure, as I didn't do it myself, was like that when I bought it from a friend.
But it's a raw/sanded steel frame, with what I believe is a light surface rust to create patina, then clear coated with this stuff:
http://cpc.farnell.com/1/1/37090-grease-white-lithium-400ml-44620-3-one.html
Rode it daily over the winter, some new rusts spots did appear, so in the spring I lightly sanded these off, and applied more 3-in-1 lithium grease. Seems to have worked, though I don't really know what I'm doing :)