My take based on the sale, what most overlook, is that $116 was almost certainly not the bidders maximum offer. I would further assume that the winning bidder realized what they were looking at atnd placed a bid closer to what the current market is. Looking deeper, at the PCGS price guides, the last sale of a full-band MS65 was that of David Lawrence for $220 back in 2017. With no MS64FB auction listings (which is what I'd conservatively grade this one) seeing around $200 in MS64 seems fair considering a down market on the series. However, with only 16 total MS grades combined it would have been worth the gamble in the $150-75 range. Just my opinion.
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