The issue known as W504 is classified as a strip card issue, printed on thick cardboard containing a team photo and 16 individual player cards that were intended to be cut up and separated.  The issue featured individual sheets for both the New York Yankees, New York Giants, Brooklyn Dodgers and Washington Senators, with the Yankees' sheet more desirable due to the presence of Babe Ruth.  The individual cards are valued very high, compared with other W-card issues, with the Babe Ruth card eclipsing five figures in even the lowest grade.  The individual team images are seldom seen.  Despite the fact that Lou Gehrig is not one of the 16 individual subjects featured on the Yankees panel, he does appear in the team photo, as does Ruth.  Despite being issued in 1925, the photo pictures the 1923 Yankees, a year in which he played just 13 games with the team.  Though the card shares the same year as Gehrig's prized 1925 Exhibit card, this card features a much earlier image of Gehrig, perhaps the earliest collectible featuring the Iron Horse. The result is a very desirable card in any grade.  

This well-worn specimen has been graded AUTHENTIC "ALTERED" by PSA, the so-called "alteration" relating to clear tape that was applied to the reverse long ago to keep the torn edges from expanding.  In addition to the tears, some paper loss is visible on the reverse, with some additional wrinkling, surface and edge wear apparent.  Regardless, a seldom-seen card featuring both Babe Ruth and Lou Gehrig from the dawn of the Yankees' Murderers' Row lineups, perhaps the earliest collectible image of Lou Gehrig.