No painting. First carve a 1/4" deep area into 3/4" base wood, oak in this case, to match the size of the text. Next glue in the first layer of contrasting wood, 1/8" black walnut in this case. Then the top layer, 1/8" hickory IIRC. Carve.
This was a gift for friends in England, hence the format of the date.

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