IMO the problem isn't the holder, the problem is the grade assigned to the coin. Put it in a PCGS holder at MS-62 and I still would think it's overgraded.
I'm hoping it's a combination of strike weakness and imagery. As I said, I think ICG does OK with these and I don't see them mistaking an AU50 (which is what the coin looks like) with a Mint State coin.
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