Raw Card
A raw card is one that has not been professionally graded, so it sits in a top-loader, sleeve, or binder rather than a sealed slab. Its condition is a matter of the owner's judgment rather than a third-party grade, which makes raw cards trade with more uncertainty than graded copies.
For tracking, a raw card should carry an honest condition description in place of a grade. Whether to leave a card raw or send it for grading is an economic decision: grading adds cost and only pays off when a strong grade would add more value than the fee, which is rarely true for inexpensive cards. Most collections are mostly raw, so a consistent way of noting condition is just as important as recording grades.
A collector might keep a modest card raw with an honest condition note, and only slab a card valuable enough for grading to pay off.
Collector reference
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Continue with the owning guide: Card grading explained