I have no knowledge of this set, but have this to offer in case it helps.
I placed one scan on top of the other and made
Ted the same size. In doing so,
the ungraded one has more room on both sides
(very obvious on the left, and easiest to see on the right by noting how slightly farther (further?) away from the border the "Made in U.S.A." verbiage is), as well as being cropped differently at bottom, with much more of the shoe's tongue appearing.
Here they are placed side by side...
1939-Salutations-Exhibit-T.-Williams-#9.jpg