It could be both. Many times etched pieces were then taken and wheel cut to give some sharper edge details and vice versa. Wheel cut pieces were many times acid polished after cutting. It's difficult to be sure exactly what the exact procedure was used on many pieces. Some companies and individuals had techniques that they used to give unique appearances. I'd question any of the experts who haven't done a fair amount of different techniques and combinations of techniques themselves. Amazing what can be accomplished in today's world with even sandblasting. Copper wheel, stone wheel, and diamond wheel cutting all give different results depending upon who is doing it.