This MacGregor Tommy Armour IMG5 putter, complete with its original shaft and rubber grip, is stamped "Reject" on the back of the topline. As I understand it, this was done so MacGregor, which would only allow green grass accounts (pro shops) to sell their pro-line equipment, could off-load excess inventory to sporting good stores.
The Tommy Armour IMG5 was last offered in 1967, which is also when they relinquished the rights to the Tommy Armour name. I am just surmising here, but after they lost the right to market the Tommy Armour name, they marked "reject" in letters nearly impossible to see and then sold off the last of the MacGregor Tommy Armour putters through sporting goods stores. Hence, the MacGregor Tommy Armour era came to a close.
Two things are for sure, however, this is a rare bird with the "reject" mark and there is nothing wrong with this club!
Original 35" shaft and Golf Pride Informer grip.