I am not sure why anyone would even consider a 4 grade, there,s nothing good about it, about the only thing it would be good for is building a low ball set...LOL
Shame it's in such bad condition but neat that it's the battleship deuce. It looks like it went through WWI.
There is no reason at all, even to get it graded, you dont need to pay someone to tell you its in bad condition, i can do it for free.....LOL
It looks to me like it was a “wallet piece”. A note folded twice and put in a wallet and taken out frequently to show people. Typical wallet pieces have the brownish stain from long periods in a leather wallet. Just me thinking out loud.
A problem free “4” grade is the lowest I will go when collecting coins, and there some coins I own in that grade that still have some eye appeal. For graded currency, however, my lower limit is 20. The OP’s note is a good illustration of why.