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TBobI bought 2 ungraded M116 blue cards on ebay and submitted them to GAI. One was a Bresnahan and I forget off-hand the other, but both were gorgeous. Both were the correct size (unsual for this set) and I expected to see both coming back with somewhere around NRMT, they are that nice. Well, both came back all right, with a tag which said the bottom had a "sheet cut." I had to call and ask what the heck that meant because all cards are cut from a sheet at one time, but the answer was that they could tell (don't ask me how) that these two cards had had a modern cutting from the sheet as opposed to a 93 year old cutting of the sheet. After I picked my jaw up from the ground, I muttered "all right" and hung up. Of course the first question all of us would ask is why in the world anyone in their right mind would destroy a sheet of NRMT M116s by cutting off the individual cards. That seems bizarre, but perhaps there was a blue Cobb on there that someone wanted and maybe it found its way in to a PSA 9 holder. Who knows?
I still think GAI is fair but this was one decision I still shake my head at.