If you send in a card to be re-holdered, and the card is a slider, not worthy of the grade assigned, will PSA lower the grade when they re-holder it and send it back to you?
They don't regrade by default on a reholder, but if noticed that the card is grossly misgraded it's possible for it to come back with a lower, corrected grade. If that happens, you will be compensated for the grade difference per their guarantee.
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