My 71 142E emblems have a gold background behind the E. I agree about the Testors gold paint being the right color.
Joel
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Antique Swedish Steel 71 142E color V#102

I think gold is the right colour, I checked the ones on my 71E and although very faded it's more of a gold than a red IMHO.

here's a pic.

They are supposed to be gold in the area around the "E". I had both a 71 142E and 72 145E, many years ago, and I am quite certain about this. Testors model paint, oil based type, in the color gold is a reasonable approximation of the original color. It might also be possible to spray paint the emblems if you can figure out how to mask them easily. If the emblem is an "S" the background should be red. I have seen a number of "E" emblems painted red (and other colors) on restored cars, whether in error, or because the owner preferred it that way, I couldn't tell you.

IRRC, black behind "VOLVO" and "145".
Red behind "E".

I think they are black.
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George Downs, Bartlesville, Heart of the USA!