I think they got it right as an over all grade . It's a nice coin for someone that can't afford a 65 as even the obverse has some nice color developing .
I think it's likely the reverse of that in this case. They're saying - hey, this coin is scratched and it's really close to being scratched bad enough to go into a details slab, but not quite there in our opinion. Since it's so close, we'll call it a 61.
Ok, I concede that your situation is as likely as mine. It was about even between people picking 58 and people picking 63, in fact no one guessed 61. Maybe its a combo of both of our prevailing thoughts?
I'm no expert (yet) on grading, but I agree with @GDJMSP. If you read up on the grading guides (at least for PCGS and I realize this was not a PCGS slab, see pic below) an MS coin can have scratches bag marks and look rather ugly and still receive an MS grade. It's the break in luster and presence of friction which will bump a coin to AU, from my understanding of how they grade...but ten again...I'm no expert...just trying to learn.
How much do you know about net grading? That phenomenon works in both directions. You can have a coin that is beautiful, but the actual technical factors would keep it from a higher grade. If it's a desirable or rare coin, they may bump the grade the next one up. Or you can have the example like Doug posted where the coin is technically say a 63, but a lone borderline issue might bump it down. Because it's close. That's what net grading effective does, you move away from the technical grade and consider some other factors when determining your final grade. Usually these are things like eye appeal, rarity, and borderline problems that could go either way.
For learning's sake, are there any publications or videos on the factors that would go into a net grade? I get this and it makes complete sense, but wondering if there is any kind of guide or documentation from one (or all) of the TPGs on this...or is this just an arbitrary practice of the TPG graders? Again...as always i realize that attempting to pin down something so subjective is a bit like rustling a herd of cats
Not that I know of. For years the TPGs said they would never net grade coins. And they also said they would never slab problem coins either. And there has never been a comment or policy from them stating they would bump grades on coins with attractive toning, bump grades because of pedigrees, bump grades because of value, or bump grades because of scarcity. Rather obviously they do it all in today's world.
I think this may be more to the fact that the grading services don't certify many 61's these days. I think it was much more prevalent in the old ANACS days.