Wow, IMO that card should be nowhere near a PSA 4 holder!
As far as the paper loss, I believe what you are seeing is what some people (and in this case the grader too) would call "chipping" and not so much paper loss, but in reality, they are pretty much the same thing. The chipping looks rough and deeper ingrained in the card and seems to lead to paper loss and not just peeling of the surface gloss. The card in question seems to have other issues that should prevent it from being in a VG-EX holder any day of the week, but what do I know
I don't mind if graders mis-grade here and there and only by small amounts, but when it's obvious, it kinda ticks me off. I mean, people pay decent money to put their trust in a service and this is what they get? At least be consistent with the obvious and easy ones!!
