Depends. There's nothing wrong with a club that looks sort of like a putter with loft. It can't, however, be usable from both sides. According to the rules: Appendix II, 4c states that: The clubhead must only have one striking face, except that a putter may have two such faces if their characteristics are the same, and they are opposite each other. This rule was intended to specifically prohibit clubs with two striking faces, but they made an exception for plain blade putters with two identical opposing faces.
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Yes, they are. But only on the condition that they have one striking face, the ones that have two striking faces are illegal.