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JimBWIWAG (When It Was A Game) was a dealer that got busted by the FBI for buying PSA graded cards, breaking them out and replacing them and resealing them with lesser conditioned cards. I think they had a slabbing machine and the same slabs.
For example, they would buy a PSA 4 Matty portrait. Break open the slab. Take out the VG/EX card and reslab the label with their machine and put a good Matty inside, which they obviously got for a lot less money. When people would buy holders instead of cards, they could make a lot of money that way on ebay, etc. They could sell a gd Matty for a vg/ex price. Maybe then they would buy a PSA Ex 5 Matty, break it open and reseal the PSA 5 label with the vg/ex card, etc.
THere are still some WIWAG slabbed cards around.
JimB
edited for spelling