NGC does and continues to grade all US coins using the PL and DPL designation when appropriate (since March 1, 2003). See this link for the announcement some 9 years ago. PCGS (as far as I know) still only designates PL and DMPL for the Morgan series.
Most dates have a few coins of about this quality. Indeed, there are some moderns that appear more PL and higher grade. '88-D cents in MS-68 PL are nearly common at about .25% of mint set production. At the very high grades Philly quality can match or exceed Denver quality. Most Philly coins aren't very nice but when they get one right it can be very right. PL's became much more common in '85 and then increased dramatically in '86 but PL's exist for most moderns and they didn't all go into mint sets, only the majority of them.
Honestly, for the amount that the mint produces, I think that they do a great job. But the quality suffers a bit due to the speed of production, save for a few lucky coins.
And to be honest that is not the way it should be. Grading is subjective but there are rules and standards for grading and I don't think we should throw those standards out the window because some coins are "special" Toning, great strike, key date, whatever the case may be.
I agree completely with you Travis. Coins should be graded by a strict set of qualifications...and then if needed other designations such as PL or FB added depending on the coin. Even though this coin has a nice strike and surfaces...it should still be held to the same standards as other coins. I'll give it a little more time and see if anyone else has any opinions on the grade prior to revealing NGCs assessment.
Comparing yours to a silver Bicentenial quarter that I have that NGC gave a 67, which I think is about two points too high, I think they gave this one a 68PL. I would call it a 66PL.
OK, well I gave it about a day so here it is. Many of you will probably be very surprised but the coin is graded MS64PL. So, Doug was the closet. I personally believe this coin is properly graded. There are a couple hits on the obverse that knock the grade down considerably. In the middle of Washington's neck is a ding, there is some chatter on the neck next to the ponytail, and a couple little rim scuffs. However, the coins is extremely clean otherwise with wonderful fields and these marks do not affect the eye appeal much (only the mark in the middle of the neck affects eye appeal and in hand it's not bad). It has a very strong proof like appearance and an excellent strike. If I didn't know better, I would say the coin is a non-cameo proof just like was common in the 1960s and before. I bought this coin on eBay and paid $32 for it. I might have paid a little on the high side but I really liked the coin. I love the PL features (this is my first business strike PL clad coin) and I like that it is the last year of the design. I'm very happy with the purchase. The following are the auction photos which I believe were taken to really make the PL features standout. They succeeded in doing that...but they also make the coin look much more marked up than it is. I was extremely surprised when I got the coin in hand how nice it actually looked. My photos give a much more accurate look at the coin in hand...but here are the auctions photos.
I don't think any of us would've guessed grades as high as we did if we were given the auction photos. That's quite a difference. Your photos make the coin appear to not have as much chatter. Still a remarkable coin.