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I don't know about that specific designation, but people didn't care nearly as much about condition, and grading was very subjective and slipshod by today's standards. There wasn't that much difference in value between a VG card and a Mint card (though "Mint" by 1979 standards would encompass anything from a PSA 6 to 10), so it wasn't that big a deal. When card prices rose rapidly in the 80s and some people started paying more of a premium for high-grade cards, the lax grading standards became a problem, and the TPGs came onto the scene in the 90s to address that problem.
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