Of course it is possible that repro cels have the 
registration holes and a cut number but then it 
is a FRAUD! 
I think repro cels are a big problem for 
collectors. In the past I saw collectors bidding 
very high prices for repros and I think they 
thought it was a real cel ... I collect for years 
now and I am not always sure about a cel, too. 
And if the cel/picture is too perfect, better 
doubt ^^