My suspicion has long been the following…
SMALL FREDERICK FOTOS: likely an insert into Candy, Gum or some other product (possibly in the Sacto area?) but once separated from the original product only the “photo credit” is left on the card and the ISSUER may well be lost to time.
LARGE FREDERICK FOTOS: proofs used to make the small cards. The large versions all came from the same find years ago and I have never seen them in a mix of other small cards in a vintage collection.
No evidence to support the first one but it makes sense.
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