Thanks, great input from all of you !
I think now I can safely say that we can conclude the "discussion" with a definite answer:
Pac-Fan, and the others saying the "bubbles" were there originally are right !
There's no other way to be sure then to test it:
I carefully cut open the very top of a "bubble" => Paint
Cut Half-way bubble => Paint
Complete bubble off => bright blank metal - NO RUST !!!
If the bubbles would have been caused by rust, there would be AIR under the bubbles IMHO.
And the metal surface under it would be rusty looking.
Not so, so these bubbles of paint were there orignaly.
I also checked out some more info on the net about these coindoors. The basic shape of this coindoor was used as early as 1965 (!!!!!) on Midway Pinball machines. Even the same grey color was used !
However the EXACT same version was used on a 1973 videogame called Winner (=pong) , (but as Ken Layton pointed out already) they were painted brown, probably to match the woodgrain of the cab.
(take a look at this lovely piece of art on this flyer:

Thanks for everyone's input, and especialy the help on how to recreat this !!