That's a white label. I thought early '87 still had silver label. My June 86 Model M is silver label. Does anybody know the exact date they changed? Was it Jan. 1, 1987?
The silver labeled Model Ms were used on keyboards for AT and XT based machines, these included the 1390131, 1390120 and 1390653. The Grey label was introduced to match the label on the PS/2 computer and monitor, and the associated keyboard was the 1391401. There were never any silver labeled 1391401s, and there were never any grey labeled 1390120s or 1390131s (there were some 1390653s with the later labels, but Industrial keyboards were a bit unpredictable like that).
Ultimately they were different labels for different part numbers for different product lines; there was no changeover as such. In fact, the silver Model Ms were in regular production as late as 1990.
By the time of the Lexmark changeover, most of the beige keyboards were for the PS/2, so when IBM decided to change the logo, pretty much all the non-Industrial keyboards got it. Bare in mind that the logo change was due to IBM coming out with new-look PS/2s and nothing to do with Lexmark, after all Lexmark had owned the keyboard factory since 1991, over a year before the blue label keyboards started showing up.