Where do you get a 12.5 % grey card?
The right value might be 12.7% but I don't think there is anything commercially available. There's a 12.7% patch on the Sekonic gray card (see post #17). But you are expected to use an 18% gray card in practice.
For calibrating meters you are expected to use a transilluminated panel.
I am having a devil of a time calibrating my Weston Master II meters and my attitude changes daily how I am going to deal with it. Some days I want to print a new scale. Other days I want to use a fly-tying jig to wrap a hundred more winds of wire to the D'Arsonval coil. Other days I want to find the right color temperature for the standard.
I have been able to increase the meter's response to the same brightness by increasing the voltage to a tungsten light source. This both increases the color temperature of the source and generates more infrared. I think the most likely source of the increase is the increased infrared.
For the standard light source, there's a project by Serhiy Rozum where he uses an LED source. He says on his Github site, that the Selenium cell meters read off 1 stop "exactly".... this is from his site:
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Because of the Color Correction Factor of LED, old light meters like selenium meters, photoresistors or LDR, and some photodiodes read exactly 1 stop lower. More modern light meters, including digital cameras, read LED lights correctly.
Big thanks to Peter Woodford who did numerous tests and helped to identify behaviour of various light meters.