I was told by someone at Phil Wood years ago that the satin bodies were nickel plated. Boy, I hope I spelled that right. I recall getting my first pair of Phil hubs, which we called "Wood" hubs back then, in 1970. Still got them. I tell my customers "If you get reincarnated as a spoke, you want to be in a Phil Wood hub." as a way of saying they treat the spoke better than most other hubs. On a similar note, Campy hubs from "our" era treat the spokes pretty well also. The imbedded marks left in the hub when it is unbuilt are evidence that the hub is soft enough to let the spoke make it's own bed in the metal.
Chuck Hoefer
Vista, CAlifornia USA