Jim,
In terms of quantity there very well could be more mid grade altered cards than high grade altered cards because of the volume of mid grade cards in population. However I think the percentage of high grade altered cards is much larger than the percentage of mid grade cards. The payoff is much greater, in most instances, in the high grade market. I feel this is not a problem just at PSA but plagues SGC as much. I turn over a lot of material each year so I get to see more than most.
As I stated earlier, the hobby would change materially if collectors really wanted to know if their cards were messed with but as you point out, and has been my experience too, collectors don't really want to know. And that extends to mid grade collectors as well. See no evil...
Therein lies the problem. None of the grading companies need to be accountable. When they slab a bad card nobody is asking them to make it right. Cards are not fiat money and only have value because the next collector believes the same. If PSA or SGC were to go under I think most in the hobby would approach buying in a different manner. In many instances there is too much faith placed on the flip.
Greg
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