Grading Question: Peace Dollar MS65 with Milk Spots

OK, I just saw a Peace dollar graded MS64 by CAC (a grader I respect, so this is not meant to bash) with the type of coffee-colored tarnish likely caused by dipping. This confirms my suspicion that the TPGs are mostly treating milk spots and tarnish from dipping as an acceptable form of tarnish, and this is obviously a business decision for the reason I mentioned earlier.

So, to reiterate, the TPGs are largely overlooking or ignoring evidence of dipping unless it is so overwhelming that it negatively impacts the overall appearance of the coin. I mention this because it is assumed by many that the milk spots are appearing after the grade - this may be true in some cases, but not all.

 

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I'm not sure if the milk spots are from dipping. I remember hearing the American Silver Eagle can get milk spots from a cleaning chemical the mint used. I also remember hearing that Peace Dollar planchets were treated with a chemical that prevents toning. Maybe this is what also causes most of the milk spots we see? Morgan Dollars get dipped a lot (maybe even more than Peace Dollars), but I haven't seen nearly as many Morgans with milk spots. I'm not very knowledgeable on the subject of dipping and milk spots though. Anyone with more experience want to chime in?