Well, that's a strong theory for that particular Cobb and a solid find by Erik. But we haven't solved everything yet! What I'll bring to the table here is proof that there is in fact two different hand-cut e95 esque Cobbs with the script writing at the top. Here is the 2nd version - it actually has a blank back and if you look close at the borders, you can tell it was cut off of something red. Candy box perhaps?
If memory serves when I did my research before, there were two blank backed "Script Cobbs" and 1-2 ad-backed variants that were known.
photo 2.JPG