According to Canada grading guide if a coin was EF-40 the beads should be clear and sharp. I fail to see that on this coin, take a closer look at the rim and denticles (lots of damage there). I would say this coin is midway between Fine and Very Fine. Value Trends about $30.00.
I would agree with neweden Standard Grading Guide - James Charlton & Robert Willey. VF20 The eyebrow is considerably worn. The band of the crown, its jewels and the shoulder bow are clear but not sharp - EF40 The eyebrow is worn and there is slight wear along the band of the crown. Other details remain clear and sharp. From this I would say VF30
My concern with it being EF40 would be that the vertical beads in the obverse crown are worn and not sharp, also the jewels in the crown band are quite worn not slight wear. With this said it is better than VF20. That is why IMHO I would grade it VF30. That is just my opinion and not saying that is right.