I found the first Shotwell (Jacobson) to be cataloged in late 2007. It was in a stack of other E121s and came from a midwestern collection. They are 100% identical to other E121s. The borders appear bleach white, a jagged cut (inconsistent with 1920s printing methods) and the foundation almost appears thick. The only saving grace to the guy's story is that he got it from Action Sportscards in Sparks. The owner is not the brightest bulb in the batch and I could easily see him selling a $1000 card for ten bucks.
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