Check out this GAI "1st Graded" T206 Red Cobb currently for sale on ebay, which supposedly got a grade of 1, or "Poor."
http://www.ebay.com/itm/1909-11-T206...item35c3034ba1
Now check out this GAI "1st Graded" T206 Red Cobb, which shows a grade of 2, or "Good," and was sold by Legendary Auctions in October 2005.
http://www.legendaryauctions.com/Lot...entoryid=49921
Hmm. Thoughts? Notice the differences between the flips on the two GAI holders. (The GAI 1 flip looks a bit odd in my opinion.) Wonder which of these "1st Graded" cards was graded, uh, first.