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Posted By: JimB

And let's not forget that we can even make claims like "this card is undergraded" or "overgraded" because PSA and later SGC were consistent enough that the general collecting public became aware of a grading standard that has become broadly accepted across the hobby. Before third party grading dealer claims about a card being vg or ex or whatever varied wildly. There was little to no concensus in practical terms about what constituted any given grade.
JimB