Graded PL, but possibly DMPL?

I understand what you're saying, and there are those who feel or believe the same way you do.

But you need to understand something, and not everybody does. Perhaps a better way of putting it would be say you need to be aware of something. This policy of grading some few specific coins by tougher standards that their brethren, it's not a policy instituted by the TPGs. It dates from long before the TPGs even existed, and it is and always has been accepted by the numismatic community as a whole. The TPGs, when they came along, merely chose to stick with it because it was so widely accepted.

It's also important to understand that this policy does not just apply to early S date Morgans, it applies a few other coins as well, completely different denominations, different series entirely. In a nutshell the policy is this. When basically the entire mintage of a specific but limited group of coins from a specific date mint is known for being exceptional in regard to typical condition, that specific group is graded by tougher standards.

This policy was instituted in order to level the playing field when it comes to grading in regard to valuing the coins. And it makes perfect sense to do this once one stops and thinks about it.

For example, if the early S date Morgans were graded by the same standards as other Morgans are, almost all of them would be 2-3 grades higher than all other Morgans. And that would make them extremely expensive in the eyes of some who do not understand the situation. And this would occur even though the coins were exceedingly common.

As I said, this policy is used to level the playing field, to make everything fair for everybody. That is why it is so important.

 

Don't take it that I'm defending the TPGs, I most definitely am not. You'd be hard pressed to ever find a more vocal detractor of great many of their policies and practices than I am.

But when it comes to grading special coins, with special being defined as meaning only a few specific ones, with stricter standards - yeah, I'm a strong proponent of that. I believe it is the right thing to do for very good reasons. As does the vast majority of the numismatic community.

That said, everyone is entitled to their own opinion.