Seems like a lot of missing paper for a 5:
T206 green Cobb PSA 5
Following is how a 5 is described on PSA's site. Not attacking PSA - just wondering what their grading standards really mean.
EX 5: Excellent
On PSA EX-5 cards, very minor rounding of the corners is becoming evident. Surface wear or printing defects are more visible. There may be minor chipping on edges. Loss of original gloss will be more apparent. Focus of picture may be slightly out-of-register. Several light scratches may be visible upon close inspection, but do not detract from the appeal of the card. Card may show some off-whiteness of borders. Centering must be 85/15 or better on the front and 90/10 or better on the back.