Seems to be a solid ID.

 All looks good. The ghost image looks real. The gems aren't holographic but I'm not sure if they're supposed to be.

Unfortunately the UV seems to be very dim. I have to hold the light at a weird angle to even see some of the features. My UV light may be too weak but I could see this causing issues if a bouncer/bartender has a barbook with the Arkansas UV features. The two main UV features are there. The initials and the ghost image both look excellent!

Overall: 8/10. I think the UV could be improved, and maybe a little more care with the overlay bubbles, but this is honestly a very solid ID.