As I recall from looking at the strip years ago, those five cards are a mock-up and each is an individual card glued to a backing to form the strip, thus the line between each one. A sheet with cards would not have that line between the cards.
As an addendum, no one has ever seen the "sheet" that the Wagner is rumored to be cut from, nor any other T206's in sheet form. It was just a regular T206, albeit slightly large enough to cut down.
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