No Jan you are okay. I want you to take denatured alcohol and place it on the black paint underneath the machine to see if it will soften the finish, if it does it is shellac if not it is lacquer. Do the same with acetone(solvent for lacquer) if the rags turns black then it is lacquer. If it is the latter you can sand with fine paper(wet or dry) using water or kerosene as a lube for the sandpaper. When smooth spray the whole with lacquer. Before spraying you can trace over the Mercury decal with gold paint and a small artist brush to brighten it.
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