“Freshly graded” is not the same as “new to the hobby”. Tons of ungraded vintage cards are bought and sold every day, and are definitely a vital part of the hobby. Most of my Old Judges and T206s are raw. Now, if you’re talking specifically about expensive, high-end cards such as those that are sold in REA or Heritage, then I’m sure the percentage of graded cards is higher than it is for 1968 Topps baseball commons, but I doubt it’s close to 100%. In any case, those are a small percentage of all the vintage cards that are bought and sold.
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