Someone please correct me if I’m wrong, but I believe any card not graded nor encapsulated is raw.
Same term is used for comic books, coins, probably other collectibles as well.
Funny how when a trend like 3rd party certified grading & encapsulating becomes prevalent, there’s a tendency to choose a term (raw in this case) with an arguably negative connotation, for material which has not been subjected to the process, as if any assigned grade or description of the item by a mere ‘ignorant’ hobbyist is automatically suspect and unreliable. In reality, at least from what I’ve seen on this forum for cards, PSA is by no means an expert authority.
