[raulus]

I agree with the concept that 2 grades is an appropriate adjuster. In part it’s probably driven by PSA’s deduction of two grades when doing the set registry math, and the rest of us not having a more refined approach to take.

At the same time, a lot of collectors avoid qualifiers, so the adjustment in many cases might be even larger by the market.

One further observation is that some items are so hard to find in any grade that a qualifier probably doesn’t make much of a difference at all. But for those cards, the same phenomenon holds true at the bottom of the grading scale as well, with or without qualifiers.