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RhysThey were issued just like that and they have bever been cut. The ones issued in the poster form should not be listed in the baseball card price guide individually since they are just a poster. However, these were a premium issue similar to the Sawyer Biscuits and are very rare and were issued on the gray background just as shown, and they are real high quality photos adhered to the backing. They have been known for years and are listed in the Standard Catalog (although undervalued for their scarcity) where they show and describe the gray mount.
Rhys