Natural patina from age . Old Varnish or finish has age patina with normal bubbles or tiny bumps as would be expected . There are a few places as you can see in the photos where a little varnish has come off of the rope . This could easily be touched up with the same color to blend in,  this would be easy to do because of the rough finish of the rope anyway .  Look great the way it is though in my opinion. Board shows age as well, if you look at the photos of the back . Wonderful folk art braided rope anchor art for the collector of maritime items. I looked all over the internet and found no other ones identical to this. Very unusual ! Measures about 20 inches wide x about 25.5 inches tall, and the wood is about 5/8 of an inch thick, not including the thickness of the rope. Winning U.S bidder please add $50.00 to payment towards insured shipping. No overseas bidders because of size and weight .