The answer from bookrestoration.net
A: Almost always, the answer will be, “no! “ The reason being that it is printed on clay-coated paper. Clay-coated paper is ideal for the printing of photographs or anything where a crisp sharp image is desired. That’s why it is used in magazines and other publication containing a lot of photographs. National Geographic, for example.
The downside of using clay-coated paper is that the clay coating is soluble in water. When it gets wet the dissolved coating mixes somewhat with that on the facing page. When dry, it usually forms a permanent bond. Even when it doesn’t, the ink from one page, floating as it were on the dissolved clay, often mixes with that on the facing page.
Clay coated paper also contains a great deal less paper fibers than does regular paper. Its lack of substance is made up for by the coating. When it gets wet and the coating dissolves the sheet beneath the coating becomes exceedingly weak. In no time it begins to pulp. Thereby making early rescue futile.
Because of its fine printing surface, clay-coated paper is likely here to stay when it comes to yearbooks. You’ll just have make sure it never gets wet.

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