That is my thought too. In your original pic the top emblem seems to have a similar finish. The one I pictured in unrestored oe.
I'd recomend trying various satin or semi-gloss spray bombs. Or black and varying %'s of flattener through a air brush or detail gun.
I noticed in your pic the frame to the rectangular text frame is black on two emblems and chrome on the last. Mine would indicate chrome is correct, unless separate part runs were masked differently. Finally the red appears sprayed vs flooded paint.