I know of one explanation because I have witnessed it happening twice with two watches in my small collection.
It's next to impossible to keep any non-condensing (and therefore generally invisible) moisture out of a vintage watch.
Under certain conditions, a watch will fog up and when it does so, depending upon the composition of the hands, just one such occasion can cause oxidation on the hands while leaving the dial pristine.
I've trotted out this example a couple of times now:
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Above is my Sherpa graph as it appeared years ago when I first purchased it. The previous owner apparently had the hands painted white so as to cover the oxidation somewhat.
Closeup of central seconds:
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Years later I obtained an NOS hand set and here we have it before just one instance of condensation a week after full service and just a day after fogging up:
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In the upper photo there is no bleed of iron oxide into the luminous material.
After just one instance of condensation, there was enough oxidation to stain the luminous material.
There are many example of vintage watches where the dial is in excellent condition and the hands are "rusted." It would have been great of the hands of mist vintage watches were made of a stainless alloy, but apparently such is not the case.
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