If it's not lume, it just looks off to me. I've never seen Omega script get that lumpy, and stay perfectly white. For them to have gotten the mixture just right, to have white pigment survive this long, is not impossible, but you can see on the other example how little sections have yellowed a bit. And the OMEGA text somehow seems too thin and sterile, like a lot of modern ones.
However, again, I'm not an expert, and I can imagine some scenario where it degrades inside a vault or forgotten drawer, never sees any UV, and maybe that could explain it. But since I've never seen it happen that way, I'd think redial. I might be wrong too!
I think it's such a nice redial, if it's a redial, that I'd really enjoy it as is. When it's this hard to find a reason to call it a redial, it should just be enjoyed.