That's what I was attempting to imply. If the entire sheet was out of alignment for the third printing and then the cut, it makes sense. At least to me.
I realize I'm a bit late for the party, but you can see that the later design elements: the Federal Reserve Bank #3; the Treasury seal & serial number) are all shifted into the design on the right side. The same elements have been shifted away from the design on the left side (& 3 overlaps Ortega's signature). That means you don't need to cross-reference with the sheets of One Dollar notes sold b/c all sheets don't have shifted 2nd/3rd pass design elements seen on your error note. Definitely not a manufactured miss-cut error but legit. One of the rare ones that had passed QC at the BEP.
I contend that the third printing is exactly where it should be. The second printing is misaligned giving the illusion that the third printing is misaligned.
Absolutely spot on Jersey. If it were the third printing that was misaligned there wouldn't be any visible printing of the neighboring note on the right of the front of this note. Your assessment IMO is right on the money Pun intended.
-Fair enough. I'm not very familiar with the 2nd nor 3rd printing sequences for BEP & was only noting that they were off & that this type of error wasn't manufactured.