I'm leaning towards real, albeit with a crappy trim job. To me, it looks like someone took a dull knife to the edges resulting in that appearance. The rest doesn't raise any red flags and the stain looks natural, rather than artificial. It might be gum but also may be rust or something else it was stored on. As I said, I could be wrong and it is hard to tell without it in hand.
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Mantle Master Set - as complete as it is going to get
Yankees Game Used Hat Style Run (1923-2017): 57/60 (missing 2008/9 holiday hats & 2017 Players Weekend)
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