In looking at your pics, I see that there is some rust starting to form in several locations. I am not a gun expert, but I believe there is a need to preserve this valuble piece immediately. I don't know about the 'dried sperm whale oil', but a competent professional should clean that pistol with a high-quality gun oil. The grips can dry and crack, too, if the humidity gets too low. The pistol was obviously properly stored for most of it's life, but it won't take long for it to deteriorate if not protected. I would contact a firearms mueseum to get their take on what to do, if anything. The color on the small parts is called 'Straw', by the way, and is accomplished by the precise application of heat. If they used whale oil on the gun to preserve it, it may well be best to leave that alone - perhaps it hardens into a varnish with time.
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