At first glance this appears to be an attractive, VG Exhibits Ruth.

However, the card, along with others featured in this auction, was inherited by a noncollector, each example glued securely into a scrapbook. The owner took the liberty of soaking and removing the cards, and discovered with disappointment that the cards were, essentially, skinned: Exhibit cards are produced on heavy cardboard, and the cardboard simply separated from the card fronts. The result is an authentic - but unfortunately ungradable - 1925 Ruth. We submitted the card to both PSA and SGC, and sadly neither company would even encapsulate the card in an AUTHENTIC holder. After consulting with the consignor, we have elected to offer it here, ungraded (the other cards from this find are featured elsewhere in the auction, all in similar condition). 

At first glance the card appears to be a clean, but worn, example, perhaps GOOD or GOOD+ condition. An examination of the verso reveals that the backing has largely been stripped away, leaving the front of the card only. As a result, the card is considerably thinner and more delicate than a typical Exhibit - storing it outside a Card Saver or similar accessory will undoubtedly cause the card to curl on its own in time. It is extremely delicate and susceptible to damage. Though the card is unquestionably authentic, the winning bidder will only be receiving the front of the card. It is important to note here that grading companies will not encapsulate this card. We are being clear that this card will not grade, it is missing the entire backing of the card, and in some areas is skinned right to the thinnest front layer of paper. As such we are offering this one "as is," with no returns permitted.