Wow !!!!!!! And I thought I graded conservatively at EF . Well more power to you for getting a high grade coin at F-12 .
Why would you use an inferior grader for Canadian coins? ICCS is the standard for Canadian coins, with a few exceptions (SPP could describe when for each) This coin should be in an ICCS holder. People make mistakes, and this is an obvious example of that happening. However, I have seen much worse mistakes coming from PCGS and NGC regarding Canadian coins, especially recently, where I have seen AG coins grading as F, etc.
The 2 ply plastic holders at ICCS leave a lot to be desired. The inside plastic sleeve often cracks during shipping. I have no idea if both are PVC free. Taking photos is a hassle at best. The only pluses are the consistent conservative grades (not making a mockery of our best Canadian TPGS) and the inexpensive shipping of lightweight holders (no guarantees that the inner sleeve won't arrive cracked from transport during one of our winters). I prefer PCGS, then in second NGC, with ICCS, ANACS and ICG being a toss up in third and always depending on the deal. That being said, I do not have a lot of any grading, still enjoying the ability to come in contact with my coins. I'm also lucky because I like US coins quite a bit, making PCGS and NGC the perfect choice, since I believe they specialize in those. After getting a discount on this ICCS Voyageur dollar, I had to buy another in UNC, just to have the ability to hold it by the edges and not look at it through two layers of clear plastic, air bubbles, etc...
I just looked it up on the PCGS, NGC, and about coins websites. http://www.pcgs.com/grades.html http://www.ngccoin.com/coingrading/grading-scale.aspx http://coins.about.com/od/coingrading/f/sheldon_scale.htm PCGS uses EF40 & EF45 NGC uses XF40 and XF45 about coins uses EF for 40 and XF for 45 I don't know how ICCS writes the designation for these grades.
I just picked up a PCGS slab in XF-45, this confirms they treat EF/XF as one and the same. Looks like ICCS uses the abbreviation EF on their sleeves. http://thumbs1.ebaystatic.com/d/l225/m/mNwnom1kioWFz6CxUya_D5Q.jpg