I had noticed that the photo was somehow sharper than what I had seen of 1931 examples. The thickness and stock seem odd, and I cannot tell if the top and bottom back show signs of paper loss or paper added from removal. As I don't collect these, I am wary of offering an opinion.
Any chance it is not trimmed at all and is a separate, borderless issue? Hard to tell because it's wavy, but the "trim" looks pretty even and seems to end exactly where the border would start (although the one spot where this may not be true is where the signature ends, which as you know, is right up to the border--looks like somebody might have been careful and caught a sliver of border). Anyway, good luck with your investigation.
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If we are to have another contest in the near future of our national existence, I predict that the dividing line will not be Mason and Dixon's but between patriotism and intelligence on the one side, and superstition, ambition and ignorance on the other. - Ulysses S. Grant, military commander, 18th US President.
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