It works as well as my GEM one-hole punch from 50 years ago. The old GEM makes a slightly larger hole in the paper that is a little more useful. It looks like there might have been a paper dot cap on it at one time because of indentations on the side.
Used this with a journaling project. Even an adult male that tried to use it had trouble doing more than one page. Had to push against the table to cut the holes.