This looks to me like it’s original, that it’s never been restored.  Given it appears to have under 10k miles, it seems to be an uncommon find.

“1952 M38 original condition except for 12v conversion. Was Stored in warehouse for over 30 years. Has some rust. Still has 1952 tires on it, original military markings and less than 11,000 miles on odometer which appears to be original miles based on the way it runs and drives. Have new gas tank but have not installed it…”

You can view more information about this M-38 at the Willys Tech Board