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Is it possible for PCGS pop # to be too low given the number of know slabs?

We all know due to crack outs pop figures are inflated. Has anyone ever encountered a situation where the number of known slabs is HIGHER then the reported pop number?

For example lets say a PCGS MS65 1900 25c has 8 coins and none finer. Would it be possible for there to be say 10 MS65s slabs accounted for at the same time? Let's assume you are using the most up to date records.

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