The curious evolution of SGC grading

[G1911]

I thought it was supposed to be a pinhole = a grade of 1. Here's the McFarland, older slab (I don't recall the details of each generation as I crack all my graded cards out of their tombs, but it's not a recent one). There is a pinhole that goes all the way through at the top between the laurels, and another at bottom below the "r" in his last name. Even if there was some exemptions or certain eye appeal pinhole cards reaching a 1.5 or 2 instead, I'm surprised it would be this one in that category, or any card that clearly has 2. There is heavy corner wear, a light corner crease, a notch in the bottom middle. This card would (or, should) be a 3 at best without the pinholes.