TR3s used many different speedometers, depending on original final drive ratio and tires. We had a thread just a few days ago on the variations. 1200 I believe would be a later car, with 3.7 axle and Michelin-X tires.
My guess is that you've gotten a non-TR OD, with a different speedo drive ratio. All TRs used a 5:2 ratio in the gearbox, up to mid TR6 anyway (I forget the change point offhand, same time the J-type OD was introduced), but other cars (eg Volvo) used the same OD but with a different ratio. How accurate are the trip meter and odometer?