If you'd like to acheive this look in your projects, here's how I did it. First was of course sanding and cleaning, then I disassembled it. What's nice is that this easily comes apart without any tools, so it packs flat. Then I gave the 3 pieces a dash of primer, and a few coats of teal. I sun "cooked" them because this particular latex paint takes a little longer to not be "tacky" (sticky). For the distress, I used a medium grade sandpaper first to start the wear and tear. I like to do all the edges, then choose a few focal points. After, I use a fine grade sandpaper to polish up the rough spots, and take the overall sheen off the piece so it doesn't look freshly painted. This is pretty easy with lightweight sandpaper because it takes some effort to do some damage, so you can safely rub over the entire project. Last I took the back of the hammer and gave the piece some history in logical places.
This item is for sale in the shop if you are interested. If you decide to do your own piece, I'd love to see pictures! I have some before pictures of this piece that I will post later, right now they are locked away in a hard drive. Oh well!