36 hole. Just spun the axle with my fingers and the bearings still feel smooth - it's been a few years since this was built into a wheel but my recollection was that the hub itself had no noticeable "roughness" about it. (Obviously the rim had worn out - that was why I dismantled the wheel).
Part of me wants to keep this, but I am moving to disc hubs for practical reasons (I am more of a tourist/commuter, rather than a mountain-biker). So it should really go to someone who is properly into the retro stuff.