Brand new and unopened. I will ship it as is in a Yu-packet Mini envelope. Due to thickness, there is a possibility that I may open it for packaging. In that case, I will open it, put the binder in a bag in a spread-out state, and ship it. The original bag will also be included. It will be packaged in an OPP bag, then in a wrapping bag. Please understand. No price reduction is possible.