Looks like an offset transfer of the 1st printing (back) of the note to the front side. This occurs when the press is started without a sheet of paper present. The inked image from the printing plate is transferred to the roller. At this point the pressman is supposed to stop the press and wipe the rollers clean with solvent. Sometimes they do it, sometimes they don't. If he doesn't, then the sheets of paper start going through the press and the inked image on the roller is then transferred to the paper. As more sheets go through the press the ink on the roller gets lighter and lighter and transferred images get lighter and lighter, too.
Appears to have a hard central fold so probably "very fine" condition-wise. Retail value is in the 25-50$ for a circulated offset transfer.
Appears to have a hard central fold so probably "very fine" condition-wise. Retail value is in the 25-50$ for a circulated offset transfer.




















