check the speedo gear in the gearbox, it should be red. Be very careful when you remove the cable though, they like to drop off the end into the gearbox!
If that checks out the speedo may have been messed with, for example does it have/has it had white dials in the past? Remove the speedo from the clocks, then lift the speedo needle over the stop and it should rest next to an alignment mark. If someone has refitted the needle so it rests at the stop, this will cause it to over-read.