This picture is of punched paper tape, an interim storage 
medium employed ca. 1970-75.  Paper tape was used to 
replace punch cards, while itself being replaced first by 
magnetic tape cassettes, then later by 8-inch floppy 
diskettes.  Codes similar to punch cards were employed.

The advantage of paper tape over cards was that it was a 
continuous roll, not a deck of cards (that could be 
dropped).  However, it was easier to edit cards, as tapes 
had to be completely re-generated.

Note that there are only 7 rows on a paper tape, thus a max
of 128 characters could be coded.

The example shown is not realistic -- in that  "Dr Jeff" 
was fabricated using known codes for other characters.  A
real paper tape would not be human readable.