Agree. This is the primary ohoh issue, and in the grading atmosphere of AT vs. NT, the TPGs will err on the side of extreme caution. Good comment.
In my personal opinion this NT/AT business is delusional enough. If PCGS coming in with QT didn't get that across, NGC turning on itself should. If that wouldn't confirm how arbitrary these criteria are, I don't know what will. This is not like grades. Grades are opinionated, but they're not a death sentence. AT, even QT, are death sentences, taking the coin out of the market. These are profound. They're like an acquittal and then a conviction. And the market is supposed to have faith in these verdicts and trade on them? Having said that, I think you're absolutely right, John. This one going back "raw" could go anywhere, given these criteria. He's got a toned MPL on what many have observed are the best dies, the 1916s, don't press his luck. There's my advice, as well. Give CAC a look. If they don't sticker it at MS64, I'm a horse's behind.