Correct, that is the distinction between the two. For it to be a serial number, each individual card has to have a unique identifying number on it. Print Run is used when every card in the series has the same "1 of xx" printed on it, OR when the population of the card is otherwise known.
-Tom
Ted Musgrave card collection 98.9% Complete: Cards Known: 1013, Cards Owned: 1002
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