I agree that the grading was a bit more conservative. Just like the OGH green labels though, a lot of the PQ coins from that era have been cracked and re-submitted. I'm a bit of a collector of those old ANA blue label slabs and I have found some very nice, possibly undergraded examples. The older holders tend to add some color to the coins as well which for me is a bit of a bonus.
I agree there grading was more conservative too. The old ANA and early ANACS small holders were strictly technical graded. They didn't give a bump up for Nice toning or eye appeal, But they also didn't give a bump down for ugly toning or eye appeal.
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Based on the many Anacs certificates I have seen, I would say some are conservatively graded, some are spot on and some are overgraded....just like many other graded coins.
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