2 things spring to mind regarding the grade 1. The consigor could have stipulated himself the grade to be added for the auction if he is a dealer and/or known to the Baldwins crew. 2. It could be that Baldwins themselves are overgrading only because its a rare coin and are trying to push the price. When the eventual buyer comes to one day sell it on he'll then quote the Baldwins grade and so it will go round and around. I have an Alexander III Scottish Penny, it came from a hoard found in 1974, sold at Glendinnings in 1977 in VF grade, then again in Spink in 2013 with the same garde, after posting it on the forum most agreed it was GVF.