At first glance, I'm leaning towards the way Jeremy and Barry are thinking. I'm thinking it's a printing error. If it was bleached, the caption would be a greyish color since the black font would have been lightened as well. This is a blue color though and like Barry was saying, I don't know how you alter this card so that the captions turn to blue.
Also, since obviously there is a great deal of color altering going on, one way or another, between the caption and the borders, wouldn't it stand to reason that the photo itself would appear different if the card was bleached?
One thing I will point out is that this card doesn't really have the "glossy shean" to it that t210s and so many other colors have. Not that this would be the first 100 year old card to lose it's luster, but it is something I thought I'd point out.
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