The "burgundy" is probably Iron Oxide Primer. That shows up on two of my Original paint Colnagos that are vastly different colors, one Blue. The near white is a base coat, the metallic blue is not opaque enough to hide that red, pretty common to shoot a neutral primer to provide a base that will not effect the color coat. Every once in a while a painter will keep the iron oxide color as it does alter the color coat.
I associate the "Club and Wreath" seat tube herald with '72-74 bike paint jobs, there are minor variations without an outline, all Black for example.
The prior Herald was a multicolor graphic with an oval cartouche.