That's how I've seen a couple sellers on Gunbroker describe a 2nd gen 51 Navy. It was so tarnished they simply though the bluing was coming off since the tarnish tends to be a bit irregular.
However, I got curious and just retrieved my 3rd gen 49 pocket out of the safe---still no tarnish other than an over all yellow to purple tint around the edges. I got curious, so I removed the trigger guard and it was even more yellowish purple underneath.
I have 4 products that I use on silver. One is plain old Wrights silver creme that is sold in most grocery stores. I use that for the sterling pieces and silver plate table service that I have. I also have Semi-chrome paste and MAAS paste which I have used to polish the 2nd gen Colts when they started to tarnish badly. The last is a pure liquid chemical called Tarn-X. I use it for silver coins because it works by just dipping the coin in the liquid and then rinsing it off with water. This removes the tarnish while leaving the mint like luster on the coin. The other products are not good for coins since they remove the luster and replace it with a shine--if that makes sense.
However, not a single one of these products had any effect on the silver colored metal of the pocket 49. With the pastes there is always black residue left on the cloth from real silver, brass, or even steel. With the silver colored plating on the 3rd gen pocket 49, there was no residue on the cloth other than the paste smushed into the fabric. It simply did not react like real silver or silver plate, nor does it look quite like real silver plate. It's more artificial looking. However, it also does not look like nickel plate. The only other alternative I can think of is that it could be silver plate that has had an over-coat of some sort of protective clear polyurethane or spar varnish like manufacturers use to prevent polished brass items from tarnishing.
That might account for the weird yellow to purple tint I see in areas, which means that the plating may have turned a bit under the coating. In fact the more I think about it the more it seems likely.
Anyway, at least mine isn't flecking at the moment.
Cheers