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? about "authentic"

I'm interested in a certain 12-panel stamp set that is PSA graded, but holds the grade of "authentic". While I am unable to get a close view of the panel, it appears that it should hold a numeric grade of some kind. What would cause this panel to only garner an "authentic"? I just don't see how this particular item is of such poor quality as to not recieve a rather decent grade.

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