Originally posted by Alk8944:
The paper is neither oiled or waxed. It is treated with Vapor Phase Inhibitors which are used because they do provide better long-term rust protection than most lubricants or preservatives and do not require extensive cleaning of the item stored in them before use.
The government uses VPIs for long term storage of firearms, optical equipment and parts of any description. They are used in industry for packaging of finely machined parts and tools that may be in storage for extended periods.
S&W wraps the gun in VPI paper before boxing because they have no idea how long the gun will be in storage and they do not want to have to go through thousands of guns to frequently check their condition and re-oil. Springfield is a fairly moist region.