The waxing places a protective barrier on the blued revolvers. In areas of high humidity, it really helps preventing rust and corrosion. When I was a LEO back in ancient times, this was a very common practice as an officer would be entering and exiting a cooler environments (air conditioned) many times during a shift. Each time the gun would haze up with condensation (water). If no protection of the guns surface or maintenance of the gun is done, rust would quickly appear. The highlighting of the roll marks occurs when the excess wax in not removed, and just left in place. A wooden toothpick can be used to remove this buildup causing no harm or removing the wax coating within the roll marks. It just plain works.
That is really a nice looking Model 58 in the pic........
L Pete hit the nail on the head with waxing. In SD we'd be in and out of buildings and vehicles with extreme changes in temperatures and when a revolver cold soaked from -10 hits room temperature air it picks up a serious amount of moisture.
Here in NC, the challenge is high humidity and sweat that leaves firearms just as vulnerable. A layer of wax really helps in both cases.
Both acetone and mineral spirits will do a good job of removing the wax.
.../ You read the threads in the 1896 -1961 sub-forum debating whether old revolvers were refinished and the effect on their value. It is only a matter of time before similar threads will discuss whether old stainless revolvers have their factory finish.
If a feller wants to polish metal in front of the TV he'd be wiser to polish candle holders from garage sales.
In the 1980s when really nice condition M1 Carbines, M1 Garands and 1903 Springfields were comparatively common, I encountered the same collector bias on a regular basis.
One of the ironies was that you'd find M1s and Garands to some extent, but 1903s in particular that often had highly polished stocks - to the point the cartouches were filled or even removed. These were almost always universally scorned as being refinished and no reflective of the original firearm in service condition.
The problem with that view was that per many of the pre-WWII service vets I met at the time, it was not uncommon for troops issued a 1903 to hand rub it with a coat of boiled linseed oil on a regular basis to the point that the stock shined and took on a very nice hand rubbed finish. At the time (pre-WWII) it was a matter of pride, and perhaps what may be a relatively common universal desire to make the firearm you were issued look nice. To those guys, those less desirable "refinished" 1903s reflected the relationship that existed between an infantryman and his rifle and the pride that was present in those units. They valued them much more highly than an M1903 in as issued condition.
Obviously troops had better things to do with their time during WWII. The practice also faded out in the years after WWII, in large part because weapons started being locked in arms rooms rather than racked in the barracks, but for a time it was common practice and arms in that condition reflected service practices of the time and in a much more pleasing way than, for example, the right side of a Garand stock chewed up by an infantryman in combat smacking the en bloc clip point first into the side of the stock to ensure all the rounds are fully seated.
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The amazing thing is that 35 years later, with demand for M1 Carbines, M1 Garands and M1903s higher than it ever has been, even those chewed up, Korean war vet, badly arsenal rebuilt rifles and carbines sell for a lot more than even the nicest examples did in the 1980s, even when you correct for inflation.
So I would not worry about a little polish or a little wax on a S&W. In the end, it will probably fare much bene in the market than those that have been road hard and put up wet.