Suspect Reprint
I have approximately 20 PSA graded and 10 SGC graded Ted Williams Salutation exhibits. When I first started with the exhibits cards, I sent three Ted #9 Not Showing in to PSA. All three returned NO HOLDER. These, as I later found, we're all reprints. The first appeared clean and original from the front, but clearly on the back the card stock was gray (pulp-like). The other two were actually smaller, with Ted not as "sharp" in the photo, and the tag line (either Printed in USA or Made in USA) was cut off.
Suspect your NO HOLDER means reprint for this exhibits. If you post the front and back, I can give you a better answer.
Dave
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