I'm not sure I would call it restored but I have to believe it was repainted as this paint is not typical of my experience with paint over 100 years old. I don't believe it was ever restored mechanically and I do think it wasn't used much. I ran it again today with yet another electric boiler. It ran smooth as silk and quietly. Up until the heating element gave out when the water got too low.
The paint job has the look and feel that might make it (the paint) 50-70 years old.