Greg opined: This seems right - many of the Italian chrome bikes I've seen over the years from that era have lots of flaking, bubbles, etc.
Greg, and list: I have a 1961 Legnano with absolutely perfect chrome. It was purchased in Portland OR by a runner for orthopedic convalescent therapy and then put into storage. He moved it to San Diego where I purchased it. He did not live near the ocean and I think it had light use at the time. I bought it in 1982.
Ken Wehrenberg, Hermann, MO