1702 Monitor had picture but no color.
First thing to check was that the Commodore 64 computer itself wasn’t the culprit, so I swapped it for another video source and the problem continued. I’ve noticed that touching the switch in the back that selects between FRONT and REAR inputs had some effect and the color was present for a brief moment, but then it fade away leaving just a black and white screen. Both REAR and FRONT inputs had the same issue.