This picture was taken using the type of LCD shutter that is essentially one large monochrome pixel. It becomes transparent when a voltage is applied.
The camera manufacturer probably used a square-wave (2 kHz is often recommended) to avoid damaging the shutter with a persistent DC bias. The inescapable deviations from the ideal waveform would be enough to cause the shutter to vary in transparency, probably between fully transparent and slightly dimmed.
Another possibility is that the clearing voltage contained a ringing artifact, a common result of attempting to apply a square wave to an electronic control.
The registering retina might have been either photosensitive film or a photocell array. The stuttering-image illusion is due to the nature of the shutter and independent of the recording tech.
I assume that the stuttering-image illusion will appear only when using this camera to photograph a fast moving brightly lit object, in this case a specular reflection of the sun on the polished blade. Note how the other propeller blade, which is not reflecting the sun, does not seem to stutter.
The numbers match.
Suppose the shutter is driven by a square wave oscillator (a DC bias might damage it). Each oscillator cycle produces two square waves, one in each direction, with a slight gap between due to the inevitable deviations from the ideal waveform. This would produce two propeller images per cycle.
At least one LCD shutter vendor recommends a 2KHz AC square wave. This would produce 2000 * 2 = 4000 images per second, or 240000 images per minute.
I count 12 separate propeller images in the photo, in an arc that appears to be about one-tenth of the complete circle. One engine rotation therefore would produce 120 images.
Suppose the aircraft engine is running at 2000 RPM. This would produce 120 * 2000 = 240000 images per minute, as expected.
These numbers are all ballpark guesses. 2000 RPM is a low power setting for most GA planes, but if the engine was running faster and the square wave oscillator was set to 3KHz instead of 2KHz, the numbers would still match.
This does not prove my theory but it does invite further investigation. Maybe I could get a grant.
The photographer, Jim Busha, reports that he used an unmodified Nikon D850, which definitely does not have an LCD electronic shutter. The D850 is perfectly capable of achieving all the electronic shutter functionality it needs simply by turning the image sensor on at the appropriate time.
My theory is disproved.