With acknowledgement to Caseellerbroek I've added a jacket front image without the RCA sticker and a set of label images without the RCA "red spot" stickers. I've also added a jacket back variant (black print instead of blue print).
{Image #679300} looks like a contract pressing by MGM's Bloomfield, NJ plant. The 1.25" diameter pressing ring (vs. RCA's plants' own deep groove of 2.8125" outer and 2.71875" inner diameter) is a clue.
EMI is the rightful owner of the "Nipper"(Dog & Gramophone trademark), having inherited it in the merger between "The Gramophone Co. Ltd." and "Columbia Graphophone Co. Ltd." which occurred in 1938, just a year(roughly) prior to the outbreak of World War 2. The Victor Talking Machine Company of Camden, New Jersey, USA was using the trademark UNDER LICENCE from The Gramophone Co. when some reps from RCA, then(in 1929) little more than a minor subsidiary of General Electric, came sniffing around the Victor plant in New Jersey. When RCA purchased the Victor name and plant, the licence to use the trademark SHOULD'VE BEEN TERMINATED THEN AND THERE! The rights to the trademark should've been non-transferrable and reverted back to the British owner, The Gramophone Co. In 1955 when EMI bought Capitol in all but a tiny minority percentage which stayed in Capitol's hold, EMI could then have used the HMV trademark to launch ALL their major and minor British and Australian artists and groups into the American market, instead of having them showing up on CBS/Epic, Liberty, MGM and other labels.
As I thought, then. RCA only had the rights to Nipper and His Master's Voice in the Americas and Far East (chiefly Japan and The Philippines), so if their Israeli licensee imported American pressings, they would have had to cover up the offending trademarks, owned by whoever represented EMI in Israel. It worked the other way around too - somewhere in the database is an HMV Greensleeves classical album that US or Canadian Capitol imported from England, with the HMV logo covered up because it was owned by RCA in those countries.
PhilMH. Thanks for your comment. Yes, I bought it in Israel. In the same batch was another Elvis, his first American LP, also with the round/red paste-over, but in an Israeli sleeve.
Hi caseellerbroek, I suspect that this is an export to a country where EMI owned the Nipper and "His Master's Voice" trademarks. Did you buy this in Israel, or elsewhere?