Welcome to Cointalk! Wheat cents are always cool to find. "Double die" is a term that applies to doubling on a coin's design elements- not a change in colour. The red appearance would be caused by environmental damage.
That one would be considered painted. And there is some cool history about those...... In the days before mass advertising was a thing, just prior to the circus coming to town the circus management would send a member ahead to the next town to release red painted cents into the local economy. So if you received a red cent in your change, then you knew the circus was about to come to town.
Coins are not dyed (no use if ink). They use a Die to strike a blank planchet. Sometimes a Die will have a Doubled image so it would be called a Doubled Die Variety