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John, Cool find!
That being said, I'm thinking the second Pietz is from either some kind of ad or something along those lines. E254 & E270 Tin Tops were punched out from a square photo and not round, as if we were to see off-center cards they would be cut-off like we see all the time with E270 red borders, which were punched out of circular printed photos. I will have to check for the E270 tin top Pietz to see if his photo changed. Colgan's did include "special" ads in Louisville area programs and magazines that were geared directly to the Louisville crowd w/ Louisville players featured. It would be my guess this came from a similar piece, but again this is conjecture. The things going against this is the hand cut, the obviously round photo that they cut around, and the blank back. Is the paper rough showing evidence that it was skinned? Also, keep in mind the back ink on Colgans IS water soluble so if it were ever soaked for a long period of time the writing on back would be soluble. Interesting item, I know Tom Boblitt had at one time a cool ad piece from a Louisville score card that showed pictures of many E254's and even included 2 players that were never made until the E270 red border set. Maybe he will provide a photo for us? -Rhett
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