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Amazing Spider-man # 100

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Yes that appears to be water damage. Although I don't see any signs of discoloration much of the front cover is a bit warped from what appears to be water damage as well. The inside of the comic aside from the cover shows no signs of water damage.

 

I bought the comic at a show about 20 years ago in the same condition it has today so I can only guess about the cause of the damage.

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