Definitely an old grade. What the seller should do is send it back in to PSA and have them refund the difference of what they paid and whatever the card is worth as a PSA 2 (which I would expect it to grade now).
Is the white spot on the front also a tiny paper loss? If so, it might be a 1.5 now at PSA. Does the back actually have paper loss or is it possibly a print defect? There seems to be mild discoloration where paper loss would be, but I don't see any tears.
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PWCC: The Fish Stinks From the Head
PSA: Regularly Get Cheated
BGS: Can't detect trimming on modern
SGC: Closed auto authentication business
JSA: Approved same T206 Autos before SGC
Oh, what a difference a year makes.
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