PF69 vs. PF70 0

[MN1]

I'm new to collecting but understand PF70 is the highest rating for a proof.  Why do I see new 2019 and 2020 proof coins graded and in slabs as PF69 and not PF70?  Is it because they taken out of the original US Mint capsules to be graded and then placed in a slab?  Thus losing that difference in the grade/value?

[Just Bob]

It is likely because the graders found a flaw that prevented the coin from receiving a 70.

[Revenant]

70s should be "perfect." 69s are very close to perfect.

[Jason4Real]

PF69's are perfect too they just like to keep the top populations as low as possible. If it has any kind of flaw you or I could see it wouldn't even make a 69.  

[Just Bob]

1 hour ago, Jason Obed said:

PF69's are perfect too they just like to keep the top populations as low as possible.

Doesn't seem to be working in the case of recent Silver Eagles:

[Matt_dac]

As other intimated, even 2020 proof coins from the mint can have production or handling flaws which render it a lower grade.  Also, with time you will observe that even coins which have been graded may have been over or under graded.  Trust the pros, but sometimes it can be obvious and grade does not always equate to eye appeal.

While not from the US mint and not a coin, I was recently on the hunt for the 1/2 oz gold Apollo 11 Robbins Medal 50th Anniversary Restrike Matte Proof by Sunshine Mint.  I examined three of these medals in hand with my 10x loupe.  Two were raw (not graded) and one had been graded PF70 Matte by our hosts.  The graded PF70 Matte had immediately obvious flaws on the rim of the obverse, and in my humble opinion, there was no way this deserved a grade of PF70.  Only 2019 of these medals were minted so they are not available in high quantities.  I selected the best of the three from my eye appeal perspective and it ended up being one of the raw examples.  I submitted to our hosts and it earned the grade of PF69 Matte.  I agree with the grade (two very small hits likely prevented the 70) but this one looked MUCH better than the PF70 I examined as well as the other raw example. 

 

[MN1]

This has been very informative. I now understand PF grading so much better and can appreciate it.