That happened to me about the same time with a nickel Model 29. I picked up the gun (new),
took it home to oil it and the nickel started to peel off.
The store where I bought it offered to send it back to S & W.
For a while, Bangor Punta owned S & W and guns were made in South America.
The guns were hit & miss as far as quality went.
Not wanting to wait a year to get my gun back,
I asked the store owner how much it would cost to strip off the nickel plating
and have the gun hard chromed and said I'd split the cost with him.
I was a good customer, so he accepted my offer.
The gun turned out great.
Nowadays, things are different at S & W.
They stand behind what they sell and turn around repairs pretty quickly,
or in some cases, just replace your gun with a new one.
All that said, it might not be a bad idea to call the 800 number and ask their thoughts.
If they examine the gun and see it wasn't abused,
they just might offer to re nickel your gun either at no cost to you,
or make some kind of similar offer my store owner did with me.
It can't hurt to ask.
P.S. My nickel Model 49, made in the USA and bought in 9/84,
looks as good as the day I bought it.