It's an Oxidizing process. Hang around a Drag Race track and you'll find that even type 304 Stainless headers will turn black when the car is raced. However, it is exceedingly thin and can be removed with something as simple as polishing compound. On the Midnight 686 this finish proved to be a complete failure because it didn't hold up to carry. Removing it is dead easy, just have the gun Bead Blasted. You could also likely remove it by dropping the gun in an Acid Passivating Bath. We use an acid based paste at work to remove the bluing from welding type 304 Stainless.
Having it re-finished is likely a total No Go. Because it's so fragile I doubt that you'll find anyone willing to take it on. In addition, even after all these years it's unlikely that S&W will reveal their exact process, so that shop would have to start from scratch.
Now, as to how S&W did the finish on the Midnight Black 686, I have no idea how that was done. As a guess, I suspect it was by repeated heating cycles in an oxygen rich atmosphere, probably in the range of 800 to 900 degrees F. However, that is a complete and total guess. What I am certain of is that S&W won't offer to re-finish a Midnight 686, it likely generated a lot of complaints about poor wear resistance.
If you want a Midnight 686, they do show up occasionally, one member posted about spotting one this week. However, I would consider it a pure Safe Queen. From what I've read, just one good cleaning will start to remove the finish, so it's something you wont want to shoot. If you want a low glare 686, I'd suggest either a 586 or thinking Duracoat or similar painted finishes.
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