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Just bought a 1952 F2 with stake bed, as I am getting to know the truck I notice the metal under the truck is almost factory fresh but something is flaking off that seems like some sort of undercoating. Could this be? I am also new to this have been planning on restoring a truck for some years and now the time is here. I enjoy the forum and find it a great source of information. I should have asked in PF but forgot.
You could have the optional 5 star cab. It had some sound deadener that was sprayed under the cab, in the doors and roof. The 5 star cab had drivers door lock, door panels, two tone seat, second visor and a dome light.
The headliner in the cab is out so I see that there was nothing sprayed in the cab metal. Also there is only the lock on the Passenger side door. it does sound like what you are describing though. If it is it sure has protected the underside metal.
Get the loose stuff off and reprotect the metal if you live anywhere that rust is a problem. I am a big believer in undercoat/sound deaner but it does much more harm then good when it starts to come loose and traps dirt and corrosives under it.
A good pressure washer will remove a lot of the loose stuff fairly easily.