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Based on a few explanations, this is my very rudimentary understanding of how "gilt" dials were produced.
A prepared brass blank receives a silver or gold plating. Then the text is printed onto the dial with a non-conductive material using a conventional pad. Next the black layer is applied. This layer does not cover the text due to its lack of conductivity. The dial is then cleaned. This leaves the black layer intact and removes the non-conductive coating to reveal the "gilt" text.
Here is one that I just picked up.
That is 100% correct. Over the years I had a few early Railmasters and Seamaster 300 with these dials as well. And, no, I did not keep pictures then.... Mac_omega introduced an overdue layer of Magic into this discussion. Labelling them " Sand_Witch " Dials. That Label should create a new Rolex/Omega Hype and the doubling of prices.... Very much needed in the moment.
Achim, you are not only a clairvoyant but also an eagle-eyed guy, you unmasked my poor English when exposing my "galvano-sandwitch"
dial. Of course it should read sandwich instead. I have amended it in my previous comment - I don´t want to put a bewitched phrase in circulation! 😁