Thanks all for taking a look. A couple additional comments.
The printing of this series of notes I believe used what are called 32 subject sheets, that is 32 notes per sheet. The sheets are organized in four quadrants of 8 notes each A1-H1, A2-H2 and so on. The note designated H4 is positioned at the lower right corner of the sheet. Also, I believe that things like the serial numbers and seal are printed later in the process and in this case were printed after the fold occurred.
When I say that printed fold errors are common I mean that they are a more common type of error not that errors themselves are common. At least that is what I've read.
How the "ghosting" happened is a mystery to me. I'm hoping someone more familiar with the whole process will have an idea.