Panzaldi ........... I'm not so sure your understanding holds water either. Actually Numismedia is $49 not $46, and NGC is at $50. Since NGC also grades and slabs coins, they are almost identical to Numismedia that doesn't slab their own coins. So they couldn't possibly think that a coin in their holder is only worth another buck over raw.
If you look at this same 1886 in XF-40 grade they are almost the same. Numismedia at $46, PCGS at $47 and the difference in the AU-55 is just a different opinion as the the present value. I'm leaning towards the retail values they post are for any coin raw or graded and the slight differences are just judgement calls but not because a coin has been professionally graded. But I wish somebody that really knew would chime in on this.
If you look at this same 1886 in XF-40 grade they are almost the same. Numismedia at $46, PCGS at $47 and the difference in the AU-55 is just a different opinion as the the present value. I'm leaning towards the retail values they post are for any coin raw or graded and the slight differences are just judgement calls but not because a coin has been professionally graded. But I wish somebody that really knew would chime in on this.