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Phil GarryI have inquired with one of the sellers recently and was told that it is a fairly new company located in Hawaii and they grade cut-outs just like you describe. Since a lot of the old baseball booklets that these cut-outs originate from can be purchased for around $100.00 or a little more, I don't think $30 - $40 for individual photos/pages is a very good deal since many issues contain over 100 photos.