It must have been refinished with the crack.
Epoxy filled it up then re-sprayed.
That was my impression when I saw the other pics of the cue on Ebay.
It looked like there was finish over a crack.
Of course, a little surface crack may be fine...or it may be an alarm bell for a coming disaster.
The butt cap material looks different than the ring with the logo. I really think the cue was damaged, butt cap replaced, then the whole butt refinished.
I am not a cue maker so I don't want to overstep or say too much. IMHO A cue maker would make his best assessment with the cue in hand.
How deep is the crack? I have no idea, and I don't know if a cue maker could tell.
Certainly I would start by assessing whether or not the pin is still straight I would guess.
Stroud did core cues, but I don't think he started doing it until after this logo.
He does post in these forums so perhaps he will chime in. He would obviously be the best expert on this cue.
Personally, I think the cue led a hard life and got "fixed up" by somebody.
I believe Janes has permission to reproduce Stroud's logo so if further repairs are needed one might consider that matter.
In the end I am back to where I started, a lot of unknowns about this and it makes the value difficult I think.
Personally, if I had it, I would just play it.
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