Here's a late-'90's Guild F47 that came in for some finish work recently. It's got some localized pick wear.
This is a chip on the lower bout. This seems to be nitrocellulose lacquer, and it's very thin for a production model guitar. (That's not a bad thing). You can't see it well in these photos, but the entire surface has that sunken washboard effect one finds in nitro that has been buffed soon after spraying. This chip has been exposed to the elements for much longer and the spruce has oxidized quite a bit.
Next comes another layer of cyanoacrylate, and finally several coats of lacquer, sanded and leveled prior to hand-rubbing with polishing compound. The lacquer keeps sinking into the canyons between growth lines!