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Old 04-26-2022, 06:54 AM
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@ndrew woo.dfin
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Join Date: Dec 2012
Location: MN
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In my experience with tobacco, especially T205's, when a card displays that oxidation look it is because they had heat applied to them. Whether it be from storage or heat from another source. The card could have easily been stored in a very warm place and over time the ink oxidized the gold boarder.

There is also abrasion to consider for the boarders. There is gold on the sides more prevalent just below the crease. If the card was creased and stored that way it is very possible that the boarders just rubbed away. Without holding it in hand its hard to say buy a picture is worth a thousand words. I do not support the saturation theory as much as abrasion just from the pics.

Alteration is last on the list. If this card was soaked in a hydrogen peroxide solution it would look exactly this way after several hours of exposure to the liquid. Then when the heat is applied during pressing it causes a reaction creating that oxidation bleeding look.

Again without having it in hand or seeing crystal clear images I can only speculate.
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