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MWZardoz is a great guy but I really question what a slabbed T206 reprint says about GAI. In my opinion, it means that they're desperate or they'll grade just about anything. In either case, that can't be good. Also, take a look at the label -- it's kind of reminiscent of the way that some of the T206 packs are graded by GAI -- it's somewhat deceptive ("T206 Repr"). Would a beginning collector even know what this means? In my opinion, if GAI is going to put crap like this in a holder, they should be ABUNDANTLY CLEAR with their labeling methodology.
Next, I question what this says about this grading company's view of the hobby. Is this merely the "tip of the iceberg?" Are the floodgates about to open to a deluge of GAI graded reprints? T206s, 1933 Goudeys, Play Balls, Mayos....what's next? Perhaps not everyone agrees with me, but I think encapsulating reprints is roughly analogous to squeezing blood from turnips.
In a certain respect, grading is like taking a taxi cab ride from point A to point B (as opposed to walking). Encapsulated cards generally sell faster and for more money than those that are "raw." Grading reprints in this fashion, however, is a bit different. It is as if GAI is handing out scooters and telling collectors to "go play in traffic." Surely, this isn't a good direction for professionally graded cards and does nothing for the already questionable reputation of GAI.