$1 1981 FRN MAJOR PRINTED FOLD ERROR Butterfly PMG Gem 65EPQ

A remarkable error note that shows the obvious Printed Fold Error (labeled as Butterfly Fold from PMG) and then there's also a less-obvious, but certainly verifiable Gutter Fold Error that's quickly found when viewing the note from the back, near the left side as the paper pleated when it was receiving the 2nd printing which left a white gutter through part of the design including the "1." 

The real standout error resulted from the sheet folding after receiving the first (back) printing and prior to the second (face) printing and remained folded for the overprint and cutting processes. As a result, after the note had been cut from the sheet, the folded flap was opened to reveal an enormous white area entirely void of ink on the face and then a jagged "butterfly" that shows the chaos on the back. 

The errors are exceptional, but so is the state of preservation...with full-originality easily earned when the Exceptional Paper Quality designation was assigned.