Error Note - Help me understand the error(s)

[ScottF-migration]

I got this $1 Series 2003 A as change in WI this weekend. I think the way to describe this error is the first and second printing are shifted about 1 inch to the left, with the third printing roughly where it should be. The next two bills in the sequence appear very close to normal.

 

 

I'd like some help describing these errors and some thoughs as to how they might have occuring in the printing process.

 

 

ScottF

[gedis3]

Pic displayed:

 

 

I'm not into notes so I don't know the value, but that is pretty cool...

[Ambassador]

Looks like an error when cut.

[ScottF-migration]

The third printing is roughly where it should be, while the first and second printings are offset. Are bills cut from their sheets after the second printing and run through another printer for the serial numbers and seals(third printing?)

 

-Thanks