That's called potting, the old peltier was potted, and your new one isn't. Potting prevents air from going inside the peltier, condensing, and shorting it out. Yeah, it's pretty important to pot it, bath tub caulk should work well for potting, Joe has used automotive RTV sealant with success also.
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The UnaClocker
Overclock till it goes BOOM!
Watercooler extraordinaire!
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