If you machine is truly a 27 ( it has the high bobbin winder but the manual tension release so it can be) then it is most likely already had one repaint, most likely when it was converted to electric. Though it also looks like it may have originally had the low bobbin winder and the holder was ground off (looks like it's not quite smooth in that spot) and that was changes along with the guard and flywheel.
The 27 did not originally come electric or with this decal pattern, though the 127 did. I'd lean towards it's a repaint, and that is why the paint is coming off like it is.