This is what you would call a MAJOR FOLDOVER ERROR! This is a 1977A $1 Cleveland FRN with the serial number of D74884314C in a PMG-65EPQ holder. This would be considered a 45% foldover error which is a more than most of them at 10-15%. What make this GEM example so different is you will notice that the foldover overlap at the bottom is not cut even with the rest of the note. This means that the fold took place after the cutting and before the third print, which is the green serial numbers and the black seal. This is very unusual! Anyway for you error collectors check your collection, chances are you do not have a GEM example of this type of error. They are very difficult to find in a GEM!
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