The paint seems to have higher attenuation than the wood. Two old papers from 1971 raise concerns about the lead content of paints used on pencils, but I can't find any recent data on the contents of the paint.
- Pichirallo J. Lead poisoning: risks for pencil chewers? Science. 1971 Aug 6;173(3996):509-10.
- Tenenholz T, Baxter AB, McKhann GM. Orbital assault with a pencil: evaluating vascular injury. AJR Am J Roentgenol. 1999 Jul;173(1):144.
- Schaplowsky AF. Lead in paint on pencils. HSMHA Health Rep. 1971 Nov;86(11):961-2.