Photograde is an amazing book. It's been in print since 1970 and I believe has sold over 18 million copies. And yet I would call it, for the most part *very simple* technical grading.
You may laugh, but someday technical grading (as simple as Photograde) will be the only grading. Market factors, and subtle details will be worked out by bidders using better and better imaging, coin photography, and auctions. They already do this today, discounting or paying a premium on existing "market graded" slabs.
The whole Catch-22 with market factors has always been that they are real but they are real at the individual level. One collector may adore split tails on buffalo nickels and be willing to pay more, sometimes a lot more, another may like them too but not so much as much as the first collector, another collector, might like them too as long as everyone else does, while yet another may just shrug at split tails.
And then we all wonder why no one can agree on a grade? Because everyone has different individual tastes is the reason. Market grading is not, never has been, and never will be feasible.
And yet market factors are very real, that's the whole Catch-22 in it all. Somewhere in all that there is a final *market aggregate* price. But that price cannot be decided before hand with a grade=price quantified number or perhaps worse, a string of use less adjectives.
