I bought this frame a few years back. I never seemed to get it out of storage to work on it, and kept forgetting about it, then would occasionally use it to show as a bad example. By that I mean that it probably had losses to the top border ornamentation, and rather than fix, someone just scraped it off and painted the flat surface "gold". Amazingly, the rest of the frame (except for some easily repairable losses), was in wonderful original condition. Now that my latest order of composition ornament has arrived, I can put ornament back on this as was intended. I may then keep it ungilded for a while as a demonstration piece.
FWIW, what appears as lovely burnished gold in the wide band is actually silver-gilt.