As stated above, the sleeve is made of 14 carat gold. The hallmark "585" can be seen on the top of the overlay (Fig.4, 6 arrow). The sleeve is decorated with bands of plain stripes alternating with a wavy guilloche pattern. Please note the “buffer” sleeve⁽²⁾(Fig.6 arrow head) under it. As stated above, the two cap bands are also made of of 14 carat gold. Judging from cap top and section, my pen can be dated ca.1933 or after, belonging to the fourth generation.

The precious metal models or “luxury models” (model 110-112) were still on the 100th anniversary catalog (1938), but no longer on the corresponding export catalog (Pelikan Schreibgeräte​)⁽³⁾. By the end of March 1939, all precious metal models for the domestic market were discontinued (Pelikan Schreibgeräte). 

Model 111 was reissued as "Originals of their Time 1931 Gold" in 1997.

Note;⁽¹⁾Barrel width with buffer sleeve only is 11.7 mm. As shown above, the width is almost the same as 100s, and it does not look plump.
⁽²⁾Pelikan allegedly used to put a “buffer” sleeve onto the barrel and shave it down so it can accommodate the overlay tightly (PENguin)(Fig.7). I also have seen several pens with sleeve under sleeve. But, not all of the metal overlays have buffer sleeve under them (Fig.8).
⁽³⁾The precious metal models or “luxury models” for the export market were replaced with those of 100N in 1938.