Thanks for all of the input everyone.
David, thank you for posting your card. That is a new one, I will add it to my first post. Any chance you have a scan of the Piedmont??
Great thoughts Pat and Steve. After thinking about what you have each added, I think I am more confused than when I started.
Pat, you raise good points about this error only being at a single position on one sheet and the likelihood that it wasn't fixed after it happened (until the fronts were laid out again).
Steve, I think it might be more than just improper transfer given the print dot from the caption that is next to the logo - that seems like the caption was printed and then something knocked a piece off, no?
Another question: How likely is it that multiple presses were set up to run the cards? If it would have been extremely likely to have only been a single press, then that will help answer some question.
Brass Rat Steve, that is a cool find and I have no idea what to make of it.