I do not collect these but do have a full set of the Topps 67 Punch Outs. These were sold in 3 card perforated strips. I am mostly an ungraded collector and know nothing about PSA's grading standards for perforated cards. But since the 67 Punch Outs were a limited distribution test issue, in putting the set together I bought them anyway I could find them and ended up buying several graded examples and saw many others.
I have seen several highly graded examples with straight top and bottom borders. That is impossible without cutting or trimming. The middle card in a strip would always have two perforated/torn edges if separated by hand. The top and bottom cards in the strip would have one straight border and one serrated border.
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