I think it's black under the victory markings... A difference between panchromatic and orthochromatic film.
On the photos 1 & 2 "Pudgy" is in dark color with color a little lighter in shadow and the color under the marking seems to be the same color as the shadow, but in fact, it's the opposite => "Pudgy" is red with black shadow, therefore, the color under the marking is black IMHO