Why do some coins in some Registry sets have "no grade"?
ER
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What does it mean?
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Coin was sent in for regrading. The old cert # becomes void, and the person has not yet updated with the new cert#.
Because each coin sent if for regrading gets cracked, you don't know whether it graded higher or not until the grades post.
BTW -- PCGS just posted a video of the grading process: Link to video