This is a slow-motion video showing the IBM Selectric III correcting tape in action. However, please note that I am using dry Brother correcting tape and that it is not quite lifting the entire character off the page upon correcting. I will try to source proper IBM correcting ribbon and make another video when I get it.
The typewriter is a dual-pitch IBM correcting Selectric III in Laurel Green, with a serial number -6705-580229312, which I am told means it was likely manufactured between 1981 and 1983, and would have been among the last batch of Selectrics made and sold in Ireland. At that time, you would expect to pay £1,000 Punts (Irish pounds) for a new Selectric, which was a LOT of money in those days. It was the sort of money that would have bought you a nice car, or made a considerable dent in your mortgage.
A former IBM CE told me that there were as many as 10,000 to 15,000 Selectric units sold in Ireland, which is more than I would have thought.