So what have you got to lose? It's not like you are fooling with a NM card. From the pics, I'd call it VG at best even w/o the excess paper. So, a successful soaking attempt won't raise the initial grade. I did the soak act a while ago with a couple of '52T having the same kind of excess paper. Paper came off no sweat, after a 30 min soak in warm tap water. After removing the excess paper, I pressed both cards inside a few paper towels like Bounty, to suck up the moisture, stuck them enclosed in the Bounty wrap on a hard flat surface weighted down with three cinder blocks. Checked on the effort in 24 hours and . . . Bingo! Mission accomplished!
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