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warshawlawcatastrophic flaws are really idiosyncratic. You have to see it and judge the aesthetics for yourself. I've seen some cards with small punch holes that presented better than cards several grades higher. Take this Wagner as an example. If the card had a small punch hole in the lower right corner but the image was unmarred and the card was otherwise in decent shape, I'd be more inclined to buy it. I recently bought a few cards like that, in fact, because there was just no way that I was going to spend the $$ needed to get these cards in nicer shape.