Deteriorating binding is not all that uncommon on certain models of vintage instruments. The binding on the edges of the fingerboard on this Gretsch has disintegrated and all that is left behind is glue that was used in an effort to repair.
Oh, that looks yellow and old! Right, because the rest of the guitar is yellow and old. Replaced binding is stained yellow to match the remaining original binding and look appropriate for it's age.
Replaced binding is stained yellow to match the remaining original binding and look appropriate for it's age. 
