This letter appeared on eBay early in November 2022 and is so far unknown, that is it is not published in any of the Collected Letters. It appears to be original and signed by Howard. According to scholar Patrice Louinet it looks perfectly legit. The Talman letters are privately owned. The punch holes come from the fact that Talman kept the letters in a binder. Patrice says the signature and typewriting are the real deal. The seller claims that his client bought these letters from L. W. Curry approximately around 2007 and owns several more. Only this was put up for sale.

In the letter Howard thanks Talman for sending him a letter regarding contributions to Talman’s paper. It was Lovecraft who introduced them and gave Howard’s address to Talman (and also Talman’s to Howard).

The history of this and several other letters is sketchy. A guy named Randy Everts apparently stole the letters from Talman. Prior to that Talman evidently made copies of the letters to Glenn Lord, which is why we know the letters exist. The letters were most likely sold to L. W. Currey, some or all. Later the REH letters were resold, but so far we know nothing about this. There probably are not many Talman letters we don’t know about.

As for the punch holes; Talman’s correspondence was in binders as he was very organized.

Source:

Thanks to Ed Chaczyk for making me aware of the eBay listing. It was listed at US $7000 by johpolizo-0. Thanks also to Patrice Louinet for giving me answers about the authenticity of the letter.

Information from Patrice Louinet regarding the history/ownership of the letters and punch holes.

This letter can be found in:
The Collected Letters of Robert E. Howard, Volume 3 (#370).