An earlier version on United Artists was pressed in 1979, but the release was cancelled. The band's management have confirmed that, when they returned from the 1979 US tour in support of 'Singles Going Steady' being released there, they were surprised to find that UA had pressed copies for a UK release without having OK'd it with the band. There was a falling-out over it and the release was cancelled, so very few copies exist.
I think there were two 1978 pressings of the red album:
1. 500 only, stickered sleeve, numbered inner sleeve, probably all A3/B1, February 1978
2. a repress for the shops, several weeks later, possibly surreptitiously issued by Bright to cash in because the band were leaving for RCA, not stickered, unnumbered, possibly all A3/B3. Here are two examples (like mine) of the stickered-sleeve 'promo':
In a Facebook discussion today, Marshall Jarman (Bowie afficianado) says "It's now 45 years and I've still not seen any evidence of a counterfeit." He casts doubt on the reliability of some sites:
"... who has written these sites ? ... what is their authority ? ... are they written by someone in the business with actual knowledge ... or a so-called "opinion" from a plumber or dentist. So-called "opinions" are usually wrong, facts are never wrong. Unfortunately, when I query provenance, people tend to get upset."
Sites in question:
http://www.bowie-collection.de/70_74.htm
http://www.illustrated-db-discography.nl/Counter.htm
Me? The jury is still out but
(1) why would a counterfeiter, seeking to replicate something, move the positioning of the text-bubble on the back?
(2) but hang on, why would Mercury have made an amended version with this change?
(3) would Mercury have issued a version with a skip?
(4) but hang on, it's not unheard of for official records to be issued with a skip either (and then maybe recalled... or not...)