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ms70 is indeed supposed to be a perfect coin.
70 really means "perfect as minted". Under the old ANACS technical grading a coin minted with a hole in it but otherwise "as minted" could have graded 70. That has thankfully changed.
70 graded coins should have no evidence of any flaws whatsoever AFTER minting. It should be fully struck with great details, luster and eye appeal.
On moderns that grade 70 versus 68 there are significant differences if examined under magnification.