Likewise, I've sold vintage cardboard Coca Cola for more than 100 without a frame and damaged because they are desirable and scarce here.
And I'll grant you it's not in the greatest condition, but condition is only one factor even in cardboard. Scarcity and overall appeal are others especially if his cleans up better than yours did.
Ebay isn't a place I'd market poor condition cardboard unless it was rare enough to warrant it. Ebay is great for spot valuations, but can and often can be trumped locally if the market is strong enough in one's own area. If you're sitting in the middle of Idaho with no one to sell to, then online might be the only option though.
Experience does vary, that's why any valuation is merely opinion at any point in time and place.
