Help With Another Spanish Stamp

This is Scott #250, 4p, lilac gray mint $750.00 used, $32.50
This looks mint except for the punch hole, and the
small bluish smudge on left side of stamp, which I'm not sure is a cancelation. I don't see gum on reverse, but my question is, were hole punches used on early Spanish stamps to cancel?
This wouldn't make much sense, as you'd have to hole punch the letter too. There's a big gap in the catalog value between mint and used, so any help is appreciated, thanks.

Punched holes on stamps of Spain indicate they were for telegraph service.

Further to Jol34
Telegraph punctures.

Thanks, I found the info at the front of the Spain section of the Scott catalog.
Just can't understand why these stamps are now so devalued.
I just found a Spain, Scott #209, mint with the hole punched.
The mint CV is $810.00. If it's so rare, why would it be now be worth only $20 if it's a Telegraph stamp?

Because few survive in mint condition without a hole punched in them.

I assume that it was punched by the clerk when preparing a telegram. So how can a punched stamp still be mint? Or was it pre-punched, before use?

The punched holes are telegraphic cancellations.

Nueva Publicación: CATÁLOGO DE PERFORACIONES (I believe it includes the punched types also)
https://www.agoradefilatelia.org/vi....php?t=17562

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Translated from the Forum Agora de Filatelia:


The perforations you're referring to are from Telegrafos, effectively,
but just like circular drill holes are more common, I think you're
, (T1 to T6), are from some large city with several offices, hence the
numbers.
I think they're weirder than drills. I'll include you anyway
image of the perforations catalog where they appear. The stamps of
high values, such as 4 and 10 pts. they are common in telegraphs and
very rare postally used. Think that 10 pesetas in the year 1890-1900
they were a lot of money and almost always they were the administrations (Government,
courts, town halls and similar), the only ones able to afford a
telegram of that amount. For a private individual it was almost impossible.
If you have more questions I am at your disposal for what you like.
regards
Indeed, it is Telegraph perforations. There are perforations on the "bald" series with "T1" to "T6". On its rarity, see the "Catalog of classic and modern perforations on the stamps of the Post Office of Spain", by Florentino Pérez Rodríguez.