Undercoating if applied by the
manufacturer wouldn't be gobbed
on like that shock shows.
Though an option for some
manufacturers (a means to charge
the customer more $) tended to
use that stuff sparingly, as it cost
them labor, equipment, and a special
set in the production line, and this
stuff was usually applied to areas
under the car that were seciptable
to retaining water and debris. The
entire underbody was not sprayed.
Also, when undercoating was applied,
it was during the painting process,
where there were no suspension
parts installed. It's also very heavy.
My guess as to what you have there
is someone who got a little over
zealous with the spray can, or the
dealership offered an anti-corrision
deal, offered in colder climates
where salt was often used. Even
in this circumstance, it shouldn't
have been sprayed all over, the
dealership would mask off parts
to avoid this.
An easy way to confirm....
How much of that stuff was
oversprayed on the frame rails,
rear diff, or any hardware used to
attach the shock. If factory applied,
or applied by a reputable dealership,
it shouldn't be on any of those areas.
Had I been the purchaser of a brand
new 67 Coronet, and saw that, I
would have demanded at least the
shocks be replaced.