Cheap poorly built. With a bit of fiddling one sheet of paper will fit in and with a firm hand a clean 3-hole punch will result. With much care two sheets can be inserted but be sure to be really firm with the lever or the punches will only open holes on the top sheet. It is barely possible to fit three sheets in but only the top sheet gets punched. No way to fit more than three sheets. Whoever called this a 10 Sheet Capacity was dreaming or high on something and had clearly never tried to use the product. Fortunately it was inexpensive I only needed it for a single project and will throw it away with few regrets.