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That is probably original paint. The hood condition is not uncommon for the 86-91 models where the clear coat goes to crap, then it just goes down hill from there. Chrysler had to do some repaints during that time. My sister had a 92 Talon AWD that got a warranty repaint when it was only 2 years old.
The late 80's to early 90's were bad for paint in general. GM had an especially bad time with it on white trucks where it would come off in giant sheets.