Normally speaking, the lens would be transparant with light emitting properties (that's where the radium bit came in).
The radium will oxidyze over time, creating a white/greyish surface that is no longer transparant nor light emitting, but still very much radioactive.
The oxidizing process will produce toxic fumes, so it's important to keep the stuff in a well-ventilated place (which a safe is usually not!).
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