Originally Posted by
marnold
Looks great! Was there a particular reason the old finish was peeling? Was it nitro too?
Hello Marnold,
it looks like some of the late 70's Fender had this type of bad polyurethane finish issues. I don't know whether they changed their way of drying the finish off or whether it was just bad storage but it was really ugly, each time I was playing I was covered with this urethane leprae 
Extracted from another Forum here is what I read
From what I've read Fender was experimenting with some kind of lower environmental impact finish that just didn't hold up. I don't think any other stock colors reacted this way - besides black and wine red the only other color that turned milky and cracked off was that special pearl white they used on the first 500 or so 25th Anniversary Strats. That finish was so bad it was cracking and flaking off by the time they got out to dealers. They pretty quickly changed to the silver finish they used for the rest of them.
Guitars:
1978 Fender Telecaster Thinline Custom USA, New Nash TL-72 Thinline Telecaster, 1965 Harmony Meteor, H71, 1986 Fender Telecaster Esquire MIJ, New Martin J-41 Special, 1933 National Duolian, 1941, New Eastwood Mandocaster 12 strings
Amps:
Tweed Vibrolux Custom Denis Manlay, 1976 Fender Deluxe Reverb Silverface
Reverend Rawk
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