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Aaron M.I think that's a great point. I know I've seen a few highly-valuable cards (like the T206 Wagner and '33 Goudey Lajoie) encapsulated, but not assigned a grade--they'd just labeled "Authentic." My assumption is that these cards have been trimmed or otherwise technically altered (and thus ungradable), but they are still an authentic card.
I would love to SGC and PSA make this a more common practice. I can easily see an "Authentic" slabbed PSA or SGC card outperforming a PRO 9 or 10.
Hopefully, the reputable grading services and dealers catch on to this.