no-grade Term applied to a coin returned from a third-party grading service that was not encapsulated because of varying reasons. (This could be for cleaning, damage, questionable authenticity, etc.) ...
The coin referred to is a no-grade example and was not graded or encapsulated. Coins are no-grades for a number of reasons, such as questionable authenticity, cleaning, polishing, damage, repair, and so on.
SOME FACTORS WHICH RESULT IN A NO-GRADE: In our experience, coins which have had their surfaces altered either by harsh cleaning; improper or excessive dipping; artificial toning; whizzing; damaged or defaced; ...
Body bag - Slang term for a coin returned from a grading service in a plastic sleeve within a flip. The coin referred to is deemed a "no-grade" and is not graded or encapsulated.
See also: Grading, Nickel, Authentic, Dollar, Numismatic
 
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