Here's my take on it: A raw XF-40 Bust half is just that, a raw XF-40 coin. A holdered XF-40 Bust half is a product, manufactured by PCGS/NGC/ANACS, out of the raw materials of silver, plastic, paper and ink. Some people collect and/or invest in such products, some just coins, some both. The markets for the two overlap, of course, but are not the same, just as the coin and the product are not the same.
David Finkelstein wrote with an original work: "The 1794 Congressional Committee Appointed To Examine The Mint – Part 5 (Way)"
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