It does indeed.
The finish is a bit of a puzzle. The remnants of the really dark thick black paint in some places are obvious, but judging by the condition of the stampings, especially the partly buffed-off MADE IN USA, the dull gray underneath is a refinish also, not the original Victory finish; that would be physically impossible.

If I had to make a WAG, I'd say this gun got first a British suncorite refinish (mostly what's visible now) and then a coarser Indian black paint job that's only left in a few places.