It's the finish on the dial. Take a look at watches from the 20's and 30's and you'll see similar aging and discoloration. Omega kept using outdated techniques and materials well into the 60's which is why you'll see many poorly aged dials from them. In the late 50's many manufacturers started using different coats and finishes which lasted longer. I wish I knew exactly what changed. The lone exception is their gold dials, which seem to hold up very well. That's part of the reason I like them, and suspect it's a good part of why other Omega collectors like them besides the obvious value (right Mike?).
Ash, that's a refinished dial I think.
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