[Aquarian Sports Cards]

Now that I see the larger image I would say it's rebacked (a long time ago) as well. Look at how high the back paper sticks up over the top of the photo.

My guess is trimmed first, and later rebacked.

It may even be rebacked on original stock, as it looks good, but I don't have any other explanation for the mounting stock sticking up over the photo. Makes me wonder if it was done on purpose, but not to deceive? someone who had something against smoking stripping the card, cutting the ad and then remounting it?