The edges will tell a lot.
It does seem an odd candidate for rebacking.
A sort of common but not southern leaguer with a common back it supposedly never came with. I can maybe see changing a piedmont 350 to an old mill or either to Hindu.
The edge wear is a bit concerning, as it might hide a very slight seam.
The stain not showing through doesn't concern me. The stock for many T206s was coated, and stains shouldn't show through the coating.
(a big field of study that hasn't been looked at really at all is how often the coated stock was used.
If it isn't rebacked, I would think of it as a sort of scrap. The opposite of the 150 only card with a 350 back. Which I think is probably leftover fronts being used up to fill a Piedmont order.
Here there may have been Piedmont 150 backs leftover that were printed with whatever front was current to use them up.
Or
P150 backs used as setup sheets for a front run, and accidentally mixed with the production sheets sent to cutting. (Or not if it's truly hand cut scrap)
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