Hi Mark,
No, I'm sure it's camera and film resolution. With a 20-30 power lens I can see the little "Paul-sons" hiding in the dot <g>. I just can't get close enough with my camera without three closeup lens, and they degrade the optics so much that you can't read the image on the film with the hand lens. Need to get a good microscope in the loop.
I have four different chips with the dots and can see all of them with a hand lens. If anybody would like to do some experimenting on their own without investing in $100 chips, I have a few Paul-son sample chips with the security dot. You can have one for $4, postpaid.
DonL
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