Falcon made several models painted "racing blue," which I believe was their "team bike" color. I have a mid-70s Mondia that has the same fork crown -- a Vagner flat-top. Don't see any Reynolds stickers on the frame, and it seems to me that Falcon generally put the rectangular one on the seat tube under the seat stay cluster -- there doesn't appear to be any real estate for it there. There is an early 70s catalog at VeloBase:
http://velobase.com/Resource_Tools/CatalogScans.aspx
I have a copy of that, and there isn't a "Special" model in it. Many of the Falcon higher-end models had half-chromed rear stays; but that's something that could vary depending on the era. Top tube bare of braze-ons suggests the 70s. Whose dropouts, seatpost size, and saddle model are the things that may say the most about how fancy a model it was.