Contact Paper (of some type) over old wrap. I've seen this before on a lot of kits from the 70's. If you peel up a corner (take the head off a Tom) you'll see the old wrap.
If that's the case, that is the best job of trimming around rivets and the lower trim ring I have ever seen.
[IMG]http://vintagedrumforum.com/attachment.php?attachmentid=31492&d=1312201546[/IMG]
It almost looks like they forgot to take the protective film of the metal wrap before the completed the drums.
That seems highly unlikely that they would make the same mistake on an entire drum set. I would vote that it is silver silk plastic wrap.
