Yep, even a tiny tiny smudge on the swoosh will result in a slightly lower grade than expected. This pair of Manny Pacquiao PE's (sample with sample tag)(?) was graded a 9.9/10 is virtually perfect except for that tiny little smudge on the swoosh. An interesting pair with a Pou Chen (?) label on the box. If you're interested, lookup FK13185 at thesneakersavant.com!
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