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MikeYes it lessens the value. Quite a bit. As this would in most cases, cause the original date to be lost, and the contents to be lost. An example being, " a celebration of some sort". A slug normally gives all names in the photo, including obscure players, or friends or family members of the player, or management. Without the slug, information can be lost forever. But as many have stated, collecting original photos can get very complicated. Get marshall Fogels book. It is awesome.