[Exhibitman]

I've never seen a punchboard confirmed to have the cards in it, but I am 100% convinced that the cards were accordion folded and placed into the boards to be punched out.

The Newson [sic; Newsom] is another that matches the 39-47 Exhibit Salutations, right down to the error, and is checklisted in the Standard Catalog. It also has the serial # and the code # on the back, just like my paper slip. Speaking of the Standard Catalog, I checked my 2013 Vintage version and it reports a 624-punch board as housing the cards. I assume that was based on something concrete? If so, we are looking for a big board at least 1.25" thick.

Butch, how thick is the board with the card images on it?

Here's a thought as to why cards: gambling laws. Some of the modern card companies defended 'chase' cards as not gambling on the basis that the base product in the pack was worth at least the cost of the pack. Perhaps the DD maker was trying that strategy to bypass anti-gambling laws, arguing that the cards were worth the price?