As was brought to the attention of collector's last night by Chris Harris at Stalegum, Topps has made a serious mistake. I'm pretty sure that back in Honus Wagner's playing days they were still using flannel jerseys and not the Coolflo type used by MLB today.
Regardless of the reasoning, as explained quite logically by Steven Judd at Sports Card File, Topps needs to admit the mistake and rectify the situation. Plain and simple. When you have gone to great lengths to capitalize on being the defacto baseball card company in the market, you have a certain responsibility to consumers and collectors. You need to operate with integrity and not ignorance, ethics and not arrogance.
In my mind, these are the steps Topps needs to take in addressing the issue, but I would be willing to bet none of them will happen.
1) Conduct an internal audit and investigation to determine how this specifically happened.
2) Take measure, as appropriate, to insure it NEVER happens again.
3) Issue a Press Release admitting to the mistake, explaining how it happened and what changes have been made to insure another incident like this isn't repeated.
4) Offer the current owner of the card 2x the purchase price to have the card removed from the marketplace.
5) Provide the current owner a replacement.
As dayf from Carboard Junkie has pointed out, yes, it could be worse, as we all remember this fiasco from last year, but this is pretty bad too.