The characteristics of armour paints, historically used to protect ferrous industrial heritage, are explored. Amour paints contain lamellar and highly reflexive pigments of micaceous iron oxide (MIO) and metallic, leafing aluminium, bound in linseed oil and linseed oil–tung oil mixtures, on an inhibitive and soap-forming linseed oil primer (red lead). It is the first study of the binding media used for historical armour paints and investigates the chemical and physical ageing of armour paints using a multianalytical approach. Naturally aged examples are compared to accelerated aged replica armour paint, and to historical paints. The ageing and degradation reactions are assessed by complementary GC–MS and FTIR, together with measurements of wettability, hardness and surface colour. The historical paint formulations include linseed oils and alkyd binders. The results confirm that the leafing effect of aluminium pigments results in only a small concentration of binder at the surface: the paints studied reflect light and form a strong chemical and physical barrier. Linseed oils and tung oil mixtures have been proven to be suitable for the production of armour paints, but the evaluation of ageing and assessment of physical changes will require further investigation.