For what it's worth, and just from a quick search, "CREW: A Weeding Manual for Modern Libraries" is pretty unambiguous about the subject of local history and mentions that items like that should be kept as a specific exception to any other metrics or guidelines several times: "Retain local history except when the item is shabby and beyond repair." -- https://www.tsl.texas.gov/ld/pubs/crew/

So, what you've described is a textbook example of what a library should not do.