From the Latin veritas meaning truth. So Vericolor means true color.
Once again the value of a grammar school education evidences itself. Grammar schools were so named because students were taught Latin grammar. My Latin teacher was Mrs Daly. Each day six students were sent up to the board to conjugate a verb or decline a noun. Mrs Daly was an artist in the use of a piece of chalk. Mistakes were punctuated with a piece of chalk hitting them. Sometimes also the student. She once threw a large Latin dictionary at a girl who made the mistake of wearing orange on St Patrick's day.