my opinion
Unless the Cobb is altered in one way or another, it should receive a numerical grade from SGC. Unless the paper loss is so severe that it takes away from most of the card (which is doesn't in your case), I don't see why it wouldn't receive a "poor" grade.
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T206's Graded low-mid 219/520
T201's SGC/PSA 2-5 50/50
T202's SGC/PSA 2-5 10/132
1938 Goudey Graded VG range 37/48
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