1.75” without back paper or maker name. Convention was held at Niagara Falls, June 1903. On left is a small sad looking horse with rib cage showing captioned above “’What We Kill’” standing next to a much larger and very healthy horse captioned above “’What We Pay For.’” Light surface scratches show only in reflected light except for a faint ¼” hairline next to the word “What” on the left. Still with nice gloss and displays NM. Only the second example we’ve seen in five decades. Rare.