A simple "mercury glass," or "silvered glass" shader. It's a glass object with metal inbetween the layers, and was originally produced around 1840. You can find a lot of vases and lights that are billed as "mercury glass", and most refer to an antique look where some of the silver has flaked off. This shader has a slider in a Color Ramp that will allow you to adjust the amount of flaking. I wish there was a better way to control a Color Ramp, but for now I've indicated the "Flakiness Control" with a green frame. Move the white position all the way to the right for no flakes, all the way to the left for maximum flakes. The render here is close to the maximum.
As always, the material ball is from JC Levet (although I modified the scene to remove stuff that is out of camera): http://www.blendswap.com/blends/materials/galvanized-steel-shader/
Cycles node-based materials are a lot different than BI materials. It's no simple task to convert between one and the other.
Would be great to have equivalents of these awesome materials you are making which would work for blender internal.