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Help SIM card and Exclamation Mark

Samsung Galaxy S, GT-i9000 is the model of the phone that I am seeing this error on. The three button combo does work, and will boot up in download mode. I am looking at buying the phone off a guy for very cheap because it has this error, he thinks it's toast. I know it's the oldest version of the Galaxy, but I just wanted to pick it up a spare cell for to leave at home if we were to have a baby sitter or someone in (no land line anymore).

Just wondering is this is a fixable issue??
 

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