F&CC Gold Belt logo

I've been chasing down info on the Gold Belt logo use on F&CC cars and have found two versions. One is a solid belt with cut out letters (car color shows thru) that appears on as-delivered car photos and the other is solid on the top part of the belt and reversed on the lower part - gold letters and outlined belt.
The first logo is how the car at the CRRM is lettered in their restoration. Other places I see indications of the second version but have no historical info to verify its use.
Does anyone out there have any idea if and when the second version was used? The cars got tossed around to lots of different roads and the old faded logo shows up on many of them - seemingly as the second variant. I am making up decal sets for these cars so I'd like to get more accurate info if possible. Thanks.