As a purchaser, it looks bad to me. But an authenticator might have exemplars from the ca. 1906 timeframe that prove me wrong - I am not inclined to dig around that much.
Also, 'A.G. Spaulding' refers to the company, so couldn't anyone from the company sign 'A.G. Spaulding' on the back? I have several billhead examples from the John B. Stetson Company, that are signed 'John B. Stetson', but not by the man himself.
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