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Weird, how did pen caps work before 1990 when the holes were first introduced?
Or as BIC themselves say "The reason that some BIC® pens have a hole in their cap is to prevent the cap from completely obstructing the airway if accidently inhaled. This is requested by the international safety standards ISO11540, except for in cases where the cap is considered too large to be a choking hazard."
Take a Bic pen cap, and try to breath through it. You'll see this is fake.