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A collector friend asked my opinion of this John Wayne SP that is coming up at auction next week at IAA. 

I give it a thumbs down.  It looks to be a washed out restrike image as well as what appears to be suspiciously fresh black fine tip ink that looks painfully, slowly drawn to my eye.  The facts that there is inscription nor dedication is also not in it's favor, imo.

Thoughts? 

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Under enlargement and enhancement that ink is also odd with many bubbles etc.

If

bubbles = loops

I couldn't agree more that there are too many for him!

and, there's a 30% premium on top of it!

Ouch! There appear bubbles like a stamp in the strokes and also darker edges to strokes but I can't truly say from here obviously.

Not real IMO.

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