Great points, David...
But considering how difficult it is to “out” these cards, and the amount of time/research involved... we won’t know the true scope (or the real effect on pricing) for a very long time. God only knows how many more altered cards are yet to be uncovered, and how many are currently mired in collections.
If a given collector has no intention of selling, it could be decades before the altered card hits the market and becomes visible again. Perhaps by then, the PSA Slab will be rendered meaningless (or even seen as a detriment).
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