The earlier the notebook, the thinner the covers from my experience. As cardboard got cheaper the covers got thicker in the 1910's. Before that it was harder to print directly onto cardboard which is why book covers of the day have a thin paper lithograph glued to the front. Yours is obviously very early (1905ish) so I bet its still a notebook cover. Looks like low quality paper and graphics so most likely a cheaper notebook for kids and they wouldn't spend the money for thicker covers if that is the case. Just my opinion but id bet its a notebook cover.
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