You are right on the time period,, most likely 60`s rather than 50`s !! These were typically used at the foot of the bed !! Machine made !! Gold was everywhere back then so it probably was gold painted !! Could have been covered with anything but velvet is the most likely fabric,,could have been in any color !! A friend of mine had hot pink velvet in her bedroom !! Made me think of Pepto Bismol every time I went in there !! Value wise,, not much,, about $50 to $75. on a good day !!