I'm inclined to think it's a wet sheet transfer as well or some other transfer because it doesn't look like the same player profile. Bleed through seems unlikely. The hat tilts further down, doesn't seem to be in the same position as the hat on the front of the card. I'll see if I can find a closer match though it is so faint it's hard to tell.
Also, when I see skinned cards, it's typically the back of the card that has bled into the middle layers. So when you see a skinned T206 Sweet Caporal card, you can faintly still see the tobacco ad in the still remaining inner layers.
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