It's an old cottered bottom bracket, basically if its removed your looking at a new BB. I found a really nice ofmega cottered crank as well, so decided to keep it for now. It's running pretty smoth too.
It was sprayed rather than powdercoated so you dont really need to remove it the same way as its not being oven baked. Its only really over spray on the bb as well and doesent effect its runningf in anyway.