IMO, none of the letters in the signature look correct. They lack the fineness and style of original Fluckiger and Stern dials (see below). The issues do not look to be the result of aging.
The vast majority of original dials from this period have copper-toned feet as a result of the production process. Still, I would not necessarily conclude that a dial has been refinished if everything looks original except for the foot. However, when details on the obverse are suspicious and the dial has a foot, this is cause for concern.
Other aspects of this dial that are atypical are the minute track, hour markers, and "Swiss Made". Most minute tracks on these are either closed or with numbers. Also notice that the minute hand, which looks correct, does not reach the minute track. The style of the hour markers, specifically the teardrop ones, is atypical. Finally, "Swiss Made" is primarily found on examples that went to the UK. Looking at the movement, I would guess that this watch did not, though I could be wrong.
Looking at the entire watch, it looks mostly original but quite worn. The lugs have damage, the minute hand has been re-lumed, and the gilding on the movement shows quite a bit of wear. IMO, this all fits with the refinished dial.
1936:
View attachment 1307274
1937:
View attachment 1307276
1942:
View attachment 1307280
1944:
View attachment 1307281
1944:
View attachment 1307284
1946:
View attachment 1307285
1948:
View attachment 1307286
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