Here is Rob Lifson's comments on the card:
"I believe the card was cut from a sheet, as opposed to a strip. The guy who originally owned the card has been quoted as saying that it was cut from a sheet, and everything about the card, including its pristine appearance and slightly imperfect cut, is consistent with that, so I really don’t think there’s any question about it. I’ve always said, and was even quoted in newspaper articles years ago, that there is no way this particular card was ever packaged in a pack of cigarettes, and that it had to have been saved by someone involved with the printing. If it wasn’t cut from a sheet, it probably wouldn’t look so great! And as authors Michael O’Keefe and Teri Thompson so poetically suggest at the end of the book “The Card,” the Gretzky/McNall T206 Wagner is so unique and so much better looking than any other T206 Wagner that it tramples the rules that govern millions of other cards. It may be cut from a sheet, but it’s still the greatest baseball card in the world! By the way, I’d strongly recommend anyone interested in not just the T206 Honus Wagner but the hobby in general to read “The Card.” This is an extremely important book relating to the entire card and memorabilia hobby."
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