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Prior to the availability of purpose made bottom bracket seals it was common practice for mechanics and owners to fit something to keep any foreign matter which got into the frame interior from getting into the bottom bracket bearings. Campagnolo created a purpose made seal of flexible plastic in two parts which was introduced in the mid'60's. Your machine predates its introduction, hence this piece of newspaper.
The Campag general catalogue Nr. 14 of 1960 does not show the seal while the general catalogue Nr. 16 of 1968 does.
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