Not FS by my standards nor by the official criteria established, however TPG's often fail to follow their own guidelines when it comes to issuing such a designation.
It is darn close. I think it would be determined subjectively by whoever graded it.
I'd be curious to see the rest of the coin, both sides. There are less than 200 full steps 1964 nickels graded by PCGS, ranging in value from $100 to a couple thousand bucks. Their grading of steps for 1964 seems relatively lenient:
Not full steps notice the merge on the left side. However since it does show all 5 steps in part that is not usually seen on a 1964. If the rest of the coin is not baggy and has a Strong Strike this is definitely something you want to keep for your set until you upgrade it.
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