I distinguish between cut out pictures from a publication, items that were designed to be cut out, and supplements/premium that were inserted with the paper. There is relatively little work done on the designed cut-outs and they represent a great way to collect vintage. I'd say on the cheap but that seems a bit odd nowadays. Here's an article I wrote on one such series:
https://www.sportscollectorsdaily.co...f-west-baylor/