the dial appears to be an authentic Mk IV red writing Submariner dial.
The dial paint is lifting and flaking from the dial plate, and cannot be repaired easily. Rolex would replace the dial if the watch was presented for service, most likely with a white writing luminova service replacement dial.
The Mk IV dial is not correct for a 1969 watch...the correct dial would be a metres-first red writing dial. So, this could be an early service replacement dial fitted to a 1969 watch, or a red writing dial placed into an early watch.