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Judge Dred (Fred)I believe that "1st graded" indicates just that. It was the first card of that player for that set that was graded by GAI. Hold on though. I was told that it could be the first card graded at any grade. For example - there could be several different T206 Cobb Greens that are listed as "1st graded" because there could be a "1st graded" card that was graded a "1" and another "1st graded" card that was graded a "2", etc.