It's partially oxidized. If and when fully-oxidized, the stamp would be a medium chocolate color; likewise for the 6c Garfield of 1922 and the 6c Washington Bicentennial.
File this under the topic of a "color changeling" for which there is another recent thread. I have many examples of such items, some oxidized because of exposure to sunlight or others due to chemical reactions when soaked off paper in chemicals other than water.
After dipping in hydrogen peroxide make sure to rinse it off in distilled water to stop any further action by the hydrogen peroxide, which is technically a bleaching agent.
Actually all you need are the fumes; if you can find a way to suspend the stamp over a small amount of H2O2 in a watermark tray and cover it for a while it should also work.
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