Real cards. Some were trimmed before Topps bought them, but I think the majority have been authentic and unaltered.
There was a scammer on this board who would take the relic cards out of the frames and replace them with common T206s and reseal them, because in the Topps buyback holder they seem to have a 20-50% or so premium.
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PWCC: The Fish Stinks From the Head
PSA: Regularly Get Cheated
BGS: Can't detect trimming on modern
SGC: Closed auto authentication business
JSA: Approved same T206 Autos before SGC
Oh, what a difference a year makes.
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