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If authentic, it is one of the rarest and most valuable variations of the 392E. The recently published Greenberg's Guide shows it on page 268. The photo shows a 392E with black bands and domes and a copper handrail. 

 

Joe - The gunmetal grey version of the 392E had nickel trim. MTH has made the black 392E with nickel trim, but it appears that Lionel did not, as no such variation is shown in Greenberg.  

Last edited by Southwest Hiawatha

The fact that it came from your grandfather should settle the authenticity question. And no, do not do any restoration beyond basic cleaning and lubrication. Touching up the paint on such a rare item will change its status from all-original to partially restored - not a good thing, in my opinion. I will happily restore or repaint a common item, but a rarity like that should be preserved with its play wear, unless it is in near-junk condition. 

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