Quoted from PanzerFreak:LE and Smaug have hammered powered coated armour. Looks incredible, extremely high quality. Probably the nicest factory powder coat on a pin. Black Arrow does not, just flat paint. Standard has stainless steel armour.
My black arrow has a hammered or textured powder coat on the armor. I have a GOTLE that has shiny smooth black powdercoat. They are definitely different.