The absence of a margin alone does not constitute an error. If the note has one short margin and three normal ones, it's probably just the way the note was cut, and is actually common for 1954 series asterisk notes. My theory is that a lot of 1954 replacements were not aligned perfectly when inserted into a stack of regular sheets, so when they were cut, their margins were cut crookedly and/or off center. These notes will trade below catalogue because, as the rule of thumb states, a note that looks trimmed is trimmed. A well centered replacement note will trade for more.
Is there part of the design of another note showing along any of the other edges?