Yes, PUNCHBOARD is a Scrabble word!

Letter values in Scrabble US: P 3, U 1, N 1, C 3, H 4, B 3, O 1, A 1, R 1, D 2.

Is it a valid word?

PUNCHBOARD is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a small board full of holes; each hole contains a slip of paper with symbols printed on it; a gambler pays a small sum for the privilege of pushing out a slip in the hope of obtaining one that entitles him to a prize