I agree that the paint is not very well done but it's anyone's guess as to what has happened with this kit in last 90 plus years.
By color coding it has help keep all the tools together.
Thanks guys for the comments. Didn't realize how rare a complete kit is. I have only been able to find a scaned copy of one of these kits from a 1927 catalogue.
Found this tool kit the other day at an Estate sale. Collect old tools so figured this would look good hanging on the wall and was only $20.00. When I got it home relized the tools were marked with the Pierce Arrow logo.