Decals
Decals, similar to those found in toys were reasonably common at the time.
When the flying tigers AVG flew in China they have the famous shark mouth on the front of their P40's but Disney designed them a flying tiger emblem. These emblems were sent as decals to the group in China but they found they tore off during flight, to keep them on the sides of the planes they were varnished over to give them a protective sealer coat. This leaves an irregular darker area around the emblem. This could explain the darker shadows around the lettering. If they were supplied as decals but given the protection of a layer of varnish.
Ben
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