Love this! We used a similar punchcard system in my classroom for homework returned on time. We called them "credit cards" and they were worth a free homework assignment when all the punches were filled. Kids LOVED having a card with value. Some kids loved them too much to spend. One thing that was important some years was to use a hole punch with a unique shape or size. It fended off any temptation kids might have had to add holes of their own using a standard paper punch they might have had at home.
Good idea to use unique puncher to avoid temptation to fill it in yourself. Thanks for the suggestion and your experiences.
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