Exceedingly scarce pin from the 1896-97 Whitehead & Hoag set, commonly known as "Cameo Pepsin" due to the advertisement sometimes present on the reverse of the pins (though the pins are often found with or without Cameo Pepsin advertising). The first large set of pins to feature baseball players, more than 140 subjects are known and more are added to the checklist as they are discovered. Typically subject to image fading and other condition flaws due to age, the pins are quite condition sensitive today. 

Similar to the N172 Old Judge photographic issue, PSA appears to pay little mind to the image contrast and clarity when grading the Whitehead & Hoag issue, electing to focus on the construction of the pin itself.  As such, this example featuring catcher William "Boileryard" Clarke has been graded VG 3 despite the heavily faded image.  The pin exhibits a slight bit of foxing on the image, the Whitehead & Hoag advertisement on the reverse identifying Clarke's pin as one potentially available with either Cameo Pepsin or Whitehead & Hoag reverses.