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Bare metal. Got an unfinished cylinder & barrel in 44-40, and had a fellow in Arizona swap them out for me. Here is the other side:



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The remaining gold is wearing off nicely with use & cleaning.
 

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One thing for sure, you can't go wrong with the NRA 125th Anniversary Colt Revolver! I don't care for "bling" on handguns, but for a small price, it can be removed.

When I bought mine, which is a .45 Colt with 7 1/2" barrel. I did some minor "tuning" of the action and removed some small burrs inside the Frame and Chimney and she is slick with a great trigger pull. I did put some Bling on the revolver, I added a set of Ivory Stocks for her. For $1200, that is a great price for a fine revolver.

UPDATE: By the way, the verbage on the left side of Barrel had some Gold Filler. I used some alcohol te remove the gold

Here is mine:

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For years shooters have sought out Commemorative SAAs, especially the 2'nd Generation ones. The 2'nd gen SAAs are very high quality and all I've shot have been excellent shooters. With the price of 3'rd gen SAAs thru the roof on auction sites we're lucky the Commemoratives haven't followed suite price wise.
 

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