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. 

Graded GOOD 2 by PSA, outfielder Bug Holliday is listed as a "sub," an ignominy with which he would be branded forever, as here we are, more than a century after the distribution of this pinback, still chuckling about it.  Graded GOOD 2 by PSA, the foxing is evident on the surface, not dark enough to obscure the poor guy's "position."  Centering is low on the pin, and the back is extraordinarily clean for the issue.