That's exactly what I was thinking. From the photo, I don't think that this car has been rebuilt. Since I'm not an expert on the details of cars, I can't be sure, but it doesn't look rebuilt to me. And, the lettering appears to be the old style. The more I've thought about it, I think the photo had to be taken earlier, as it was in a collection, with no photographer listed. It does lead me to wonder about the 206 though. It was not, at least according to known records, sent over to the operation until 1932. Maybe the photo was taken somewhere else?
Always like a good mystery.