Don't think so...the front face of the pulley is black, too- I believe (but could be mistaken) that the entire pulley was either painted or powder-coated black originally, and the shiny parts are where that's wearing off.
Yep, looks like a crappy paint job, the paint at the rear is letting go earlier than the rest, just not quite as good of adhesion back there. The paint is flaking, giving the sawtooth look.
They have to wither paint it somehow, or it is plastic, they won't send them out unpainted to rust. The quality of the paint job though is not a big concern to them...