It's copper and/or silver platings, the combination and thickness depends on the wire grade. You do indeed see the added losses at low frequencies, but at RF it's fine.
A related matter is plating of waveguides. Normally you'd use steel base (cheap, strong), then copper, nickel and silver (copper for bonding, nickel for diffusion barrier to prevent spontaneous alloying, silver for the intended surface), but if you order this from a plating shop without special instructions you'll find the nickel layer dominates and losses are shite. The silver has to be extra thick, several skin depths, to be worthwhile.
Tim