Built in 1928, meter 200AMP, Main Breaker 200AMP, 200AMP circled on panel…Wire size looks to me like 2/0 Alum 150 Amp. “If it looks like a duck, quacks like a duck, it’s a duck or is it?
IMO from what can be seen in the photo’s it’s definitely not a 200 amp service.
The lowest rated component will determine the service size whatever that is. The SEC sheathing looks frayed and in need of replacement…
Yup got that, it was cracked also.
That almost looks like #2 AL instead of the required 2/0cu or 4/0 AL. Its not a 200amp service, I would guess a fuse box existed and the panel was changed without upgrading the service.