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Which card(s) is fake?
Answer: BOTH BOTTOM ARE FAKES
The biggest problem for the fakes is the type style that was used is not
the same as the correct one. However, I did not have an original to compare
and that was my biggest problem. Now that I have the Explorer version
to compare, it is quite obvious.

Which card(s) is fake?
Answer: BOTH BOTTOM & TOP ARE FAKES
The top one has a style that is a little
closer, but it still does not match.
But when you examine the Rolex logo at the bottom everything becomes much
clearer, especially under 8x magnification. The first two images are from
the reproductions. They are very poor quality when compared to the original.
  
It seems that Rolex cigarette cards were originally printed with a method of
that time that was not the best quality when compared to modern printing.
The edges of the letters are ragged in places and the ink coverage seems to
be uneven in places (see the GMT example below) . Also notice the 'edges' on
some of the letters. These imperfections give us an opportunity to help
identify counterfeits more easily.

The fakes are made using modern printing
methods that have very even ink coverage and no 'edges.' Youcan easily tell
the difference in the picture below? The fake one (top) not only has the
wrong type style, but it's also produced using a different equipment and
method. Go back and look at the three logos (above), you can clearly see the
'edges' from these old printing methods.

Here are the FAKE Cards, in their full size:

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