Hey Jason, I think your assumption that the image and caption were printed in one pass is correct. The T210 Billiard misprint would suggest that as well.
Whether this card is an example from a sheet of scrap, I don't know. I don't fully know/understand the merits of printer's scrap, but what does seem apparent is that this card has what appears to be a factory cut.
I think a hundred years ago, the printers weren't so precise about which cards they allowed through and which they didn't. I would think that most cards which originated from scrap sheets were intended to be discarded, and thus probably hand cut.
Why it lacks gloss is anyone's guess.
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