It appears to have been assembled and painted. Rubber grommets can not be powder coated. Normally when a trailer has been totally restored the threads are visible on the bolts, the cotter keys are shiney. Not saying it has not been powdercoated, just that some of it appears to be freshly painted. Which is not saying it is bad. Just that it is not what I expect when I see completely restored. It appears to be a very straight trailer. No one on this board knows you as you are a new member, again nothing wrong with that. Just a word of caution.