Unfortunately, as the hobby has evolved, far too much weight has been placed on what the label says. If the label says "4", who is going to dispute it. And if it's a weak "4", the flaws will likely not be mentioned.
As Aaron says, the card should be described in detail, flaws and all, so that prospective bidders can make sound decisions. I already know how many home runs Babe Ruth hit, but I have no idea whether the card has a surface crease that can't be detected from a scan.
In a perfect world, cards would be graded more accurately, but that isn't happening
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