I just purchased this note for $5, it's in really rough shape but I am wondering if the off-center cutting is a rare or common error on this series.
Fractionals were cut from the sheets by hand, and as a result, poorly centered notes are quite common. A note like this one probably isn't even far enough off to be considered an error. Incidentally, the same applies to Nationals: those were also hand-cut (usually), and so again, a cut that would be considered an error on a modern note might just be considered lousy centering on a National.