Following Fred's discovery I got in touch with the auctioneer. He read this thread, agreed with Fred's assessment and contacted the seller--who also agreed with Fred's assessment. Consequently the lot has been updated, adding that the dial was "presumably refurbished."

https://auction.catawiki.com/kavels/12417611-leonidas-bund-bundeswehr-men-s-watch-43-mm-approx-1970

That settles the matter then. Thank you all for helping out, again!

: The first batch of chronographs delivered to the German Bundeswehr
: in 1967 were 255 pieces, based on the same 14 lignes Valjoux
: R222 Flyback caliber used in the CP-2 for the Italian
: Aeronautica Militare (AMI-marked) and Esercito Italiano
: (EI-marked).

: These watches had Leonidas dials and it is unkonwn how many of them
: survived, as most apparently were scrapped when decommissioned,
: some were converted to Sinn - we've seen maybe a dozen or less
: over the years in original condition.

: Cases for the Leonidas Bund are very different from the CP-2, the
: lugs are very similar in shape to the Heuer Bundeswehr then
: manufactured in a quantity of a bit above 11,000, but
: incompatible with these, as the R23-based Flyback in the Heuers
: is 13 lignes and has the asymmetric pushers of this caliber
: line.

: So the watch on auction is basically authentic, but the dial is a
: sad refinish, finding an authentic one will be far from easy.

: Here's a pic showing the "CP-2 Cronometro da Polso No. 2"
: and the Leonidas Bund on the left, below that the Italy and
: Germany Leonidas, a Heuer Bund and, sadly not mine, a Heuer Bund
: Cal. 12 Prototype.

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