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I think they might have some delusion that "whitey" is out to get them and keep them down and it IS real.
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No. They know it is fake. I was at the Cincinnati show when they bought it and brought it by our booths. The dealer who sold it to them had a stack of Wagner reprints he was selling for $1 each. This card, obviously, was one of those reprints. I recall them telling me that one day the card would be worth a lot of money.