Later version Nuovo Record, the lettering is inset and not raised.
https://velobase.com/ViewComponent.aspx?ID=F2934EAD-333E-4419-BBC2-9A635E626C60&Enum=104&AbsPos=29
@tractordrafter - are these still available please? I'd be interested for the Raleigh I picked up a few months ago. It's time to turn it back to being more original ...