ICG uses a different standard. The graders there follow that standard. I would guess the coin was overdipped trying to remove the staining. The images are really bright. I'll bet the coin looks a bit darker in hand.
Great Collections is known for taking very bright images, almost washed out sometimes. In hand, it probably does show at least some luster. It may be slightly darker in hand as well. I personally don't see any wear in these images, and I don't see any harsh polish or cleaning lines. Absolutely, 100% the coin has been dipped and I personally don't find it attractive or appealing. However, assuming that there is some luster in hand, an MS-60/61 grade is appropriate here.
To be fair, both PCGS and NGC "conserve" coins and grade them as mint state. Which is, by definition, cleaned. With that out of the way, I think it also fair to say that this one was cleaned prior to ICG's assignment of the grade. The point is, cleaning is NOT a bad thing if done properly. No matter who's doing the cleaning. Sadly, this one was done wrong. Does it deserve an MS61 grade versus a straight grade? The vast majority of the market will respond "no".
This is an assumption...?! Come on, ICG is not a “bargain basement TPG”. Are you aware that experts like Insider work there? As another member mentioned, they grade the coins according to their own standards.
I once owned a similar seated dollar, in plastic from one of the top two. It bothered me to have so many $$ tied up in a coin I just didn't like the looks of, that just had a cleaned look. I eventually traded it.
Sorry, I think I did. What were you trying to say? It wouldn’t receive a straight grade if submitted to NGC/PCGS?
Yes and the grading company is not done in a basement or garage, it's just not one of the top 3. They have their own standards and they stick to them.