Originally posted by Wild Card
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The creases in the paper indicate that there are at least two distinct ways in which it was originally folded. One is the way shown in the pictures and I believe this is the way it was folded at the time the EK was issued, and before the paper was two-hole punched. The second way allows for the holes to line up so that the wrapped cross can be stored in a binder, the way many soldiers stored their award documents after the war.
While the lined up holes would allow for a string to be run through them and tied, I don't believe this was actually the purpose of the holes.
Thanks for your interest.
Best,
Alex
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