It's interesting though - you would expect other blue stuff to be out of whack in order to get the 'C' covered that much.
Also, I found an old post that theorized that the brown 'C' was the result of brown background ink smearing over the 'C';plausible, but you would expect to see brown 'smearing' on other cards in ways that wasn't so convenient. And if it's registration, you'd expect to see other parts of the brown off-kilter.
Just thoughts of an T207-untrained collector.
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$co++ Forre$+
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