As you can see the chain has lost it's galvanize and this is the part exposed to air... the stuff in the locker is a rusty mess. (it's all out now).
The windlass could use a refurbish too. It works as far as lifting the chain and anchor, but the paint is peeling and as I said, I think the release clutch may not be working right.
Ah the pleasures of an old boat... one item at a time, you get to make things new again.