Void filling and hand-polishing. Here's the progression of that same pipe from the factory MM finish (note the reflection from the graphic beneath it)...
There is a single shellac coat applied after the final stain to prevent bleeding, but it's less than a 1/2 pound cut. So, it doesn't add much to the sheen. That all comes from the polish. The photos above are all sans shellac.
For this cob mod I used Fiebings leather dye first one lighter shade of green and then a darker shade of green over that.
I scuffed off the factory finish that Missouri Meerschaum puts on their pipes with a scotch-brite pad. Before I applied the leather dye. I then use carnuba wax on the pipe to give the stain some protection and a bit of shiny look after buffing.
I also used a dark brown shade of Fiebings to color the bamboo shank.