I don't have a final answer, but the B16.34 code only allows a ( 10%) overpressure above the P,T rating of the valve, while the connected piping allows a much higher temporary overpressure. Many of the older valve designs were based on room temperature pressure failure tests in the 1930's, and might not pass section VIII calculation procedures, just as many older flange designs would not. Also, the limiting design item might not be the valve body but could be the stem, bonnet, bolting,or plug.
"...when logic, and proportion, have fallen, sloppy dead..." Grace Slick