To the vintage collector, the modern holder has no significance. To modern collectors, a vintage card in a modern holder now becomes a 1/1. To some it will be worth more than the common T206 if not otherwise repackaged. Is it stupid? yes. Do I agree with it? no. I'm certainly not interested in a repackaged T206 common at a premium, but there are some that are. In the end, the seller can ask any price they want and it's not tough to find another example elsewhere if all you're interested in is the T206.
On a side note. I did see a repackaged T206 Cobb bat off in a booklet with a cut signature. The repackaging did command a premium for what the card and cut sig would have gone for separately, but I thought it was a cool idea.
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