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When Ford came out with the gold valve covers they were first black with gold air cleaner then they were gold. The blue were with the small valves. The red was a racing or hp racing
a sergeant i work with on base bought a 63 fairlane with a k-coded 289 engine. it was painted red-orange from the factory. mustangs never had red painted 289s. if yours has one, it's because someone painted it themselves, or you have a fairlane's (or possibly a mercury's) engine. how many bell housing bolts does it have? 5 or 6?
Ford never installed a red V8 block in early Mustangs. The 1965 V8 was black with gold valve covers and air cleaner. HiPo 289's would have black engines with chrome valve covers and air cleaners. The six cylinders were black with red valve covers and air cleaners. The blue engines, both sixes and V8's, came in 1966 and continued throughout the 1973 (probably longer) production in several differing hues of blue ( Blue, Ford Blue, Corporate Blue).
Best,
Al