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Al C.risafulliZach, is there something on the back of the card, like an overstamp or something that would identify a regional retailer of candies or something?
I have a bunch of E121s with the Henry Johnson stamp on the back. A number of them have multiple star-shaped hole punches in them. Some disagree with me, but I think it's a cancellation as well - it would be too weird for them to have all come from some kid's collection in California in 1922, and then all land in my collection today.
Plus, you've got to figure: why would a kid have a hole puncher that created a shape of anything other than a circle? Hole punchers are functional items, not decorative ones. You punch a hole in something so you can put it in a binder, or a book of some kind. The only reason I can think of why you'd want a funky-shaped hole puncher would be to differentiate it from more traditional hole punches, for the purposes of redeeming some sort of coupons or some retail promotion or something.
I think you're on the right track.
-Al