Here is a closer scan of that area. It looks more like paper loss to me, but I guess it's possible it could be called wear or chipping. These cards are also hand cut, so that bottom area would not have been cut at the factory, but by some previous owner of the card. Not sure if that matters.
The second scan is a modern card that I used to own. That card was described by the auction (Legendary again) as EX-MT. When I received the card, I was very dubious of the grade. I thought it would get around a 3. Miraculously, it still got a 6.
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