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TimTed Z. please excuse my ignorance. After quick read on oldcardboard I learned that the set was really just a 1949 issue. I was initially just going by what you see on the graded holder in the card scanned above, shame on me.
I read this when I was looking for the article Anthony mentioned in his post.
References:
1) Ted Zanidakis, "1949 R401 Leaf Gum Company: Most Challenging of all 'R' Sets?," Old Cardboard Magazine, Issue #9 (Fall 2006, p. 32-39)
Is this available anywhere to read or do I need to get my hands on a copy of Issue #9?