[Balticfox]

Originally Posted by NiceDocter

I think that there are still a significant number of ungraded major cards out there that would counterbalance any duplicates of submission with old labels. Many older collectors who aren’t planning on selling are holding on to “raw” cards that haven’t changed hands for decades . Hence I think almost any population number is UNDER reported and sometimes significantly so. Just my opinion….

I believe your opinion is correct. I actually think the number of graded cards is probably only a small fraction of the total in existence. Many old time collectors simply see no reason to advertise their cards to the world.