Well... is there a chemist in the house?
I still am prone to believe it was hard rubber, not 100% confident in Wikipedia if that was the main source.
As Gnoahhh states there is/was some tendency to use Hard Rubber & Gutta Percha interchangeably and one source or the other had to do that - the sources using the term (hard) rubber that I found are Carr's book, Bailey Browers book and Savage Arms catalogs (#24 is the one I looked at).
The two materials are supposed to be difficult to tell apart because the natural compounds they are made from have similar chemical properties. Information I found says that Gutta Percha will give off a smell similar to rubber when heated but 'sweeter' without a 'bitter sulfur smell'. Hard rubber is made by adding as much as 30% to 40% sulfur and then vulcanizing. I recently replaced a grip on a 1907 and it gave off a odor I thought smelled of sulfur which was my test to see if it was an original grip or not (hard rubber? and it certainly didn't smell sweet!).
I also found some reference to hard rubber turning brown with age and I have seen some grips that have turned brown, sometimes just on one side due to what ever that side was exposed to... but there also is some reference to Gutta Percha sometimes being brown, but those sources also state it will sometimes yellow with age, I have not seen a 1907 with yellowing grips.
I also think that hard rubber cannot be remelted and Gutta Percha can, but we need a chemist to verify that... and then some one to donate a set of grips for a test.
Will I have to give back my prize from Savage Fest if it really turns out to be Gutta Percha?
Edited in - here is a link that has some information on differencesw for Gutta Percha and Vucanite - a brand name for hard rubber (I think... according to Wikipedia...).
Victorian-Jet-and-Other-Mourning-Jewelry It says here that Gutta Percha should taste salty.