It may not look bad now, but the polishing was already started.
My youngest daughter adopted the green Schwinn varsity that I found in the farmers pile mentioned in an earlier post. A lot of surface rust on the rims and chrome. some nicks and scratches, bad tires, porous tubes, and the original chain ring was bent. We dug out another varsity, a brown one that was in the same pile, only slightly larger frame, and began swapping the good for the bad. She polished the parts up with steel wool, and I serviced the bottom bracket and headset.