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Marc S.PSA isn't clear in its standards as to what amount of paper loss means what.
But I don't find it too distracting - and I don't think the grade is largely inappropriate. I think disclosure of the paper loss is key. Or, as Mastro calls it "superficial mounting-point separation"
It isn't extensive paper loss on the back - and it doesn't affect the "primary" areas of the reverse. I guess it is all a matter of opinion and preference.
What does look interesting to me is that this card seems to be undersized for what I would expect - but I have seen variances in size on the Magie card in graded holders for a while now - so maybe it is something Magie-specific...