I noticed that right off myself. Reason is my Gen 1 V-Max is also a 1985. When I purchased it I was the second owner of the bike as well and the original owner never had any problems and the bike was mint with 4,800 miles. The bike was solid with no overheating and the bike had the original exhaust pipes on it. Anyway....
My exhaust shield was just like that in the picture as well. I asked one of the lead mechanics at the local Yamaha shop why it looked like that and he told me it was because the aluminum under the clear paint that came from the factory had oxidized underneath over the years. What I did was sanded down the aluminum flat sides of the aluminum pieces and it shined up just fine with some Never-Dull. With the black paint recessed down inside the grooves and the shiny part showing, it looked amazing and still does to this day.