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Binder Holes -- and the Mo-rons who Punch Them...

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Here's an academic question for the group. What's the highest possible grade you'd give a book whose previous owner eschewed the traditional bags and boards for his or her archiving needs and opted instead for a convenient THREE-RING BINDER!

 

Pretend the book below was VF/NM, except for the *&*^#$%(*^#$% BINDER HOLES. How high would you grade the book?

 

http://www.geocities.com/fiendish/holes.html

 

I'm eager to hear your thoughts.

106583-Holes.jpg.780d415a62baf61b3a0d60315a7782c0.jpg

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