Matching EMDS dies, well struck, minimal die clashing and die polishing.
The obverse and reverse show circulation wear and a few contact marks. The obverse shows moderate wear at the hair, cheek, feathers, knot, braid, and ribbons. The reverse shows the head and tail separate from the rims, and moderate wear on the head, horn, shoulder, flank, upper back, and rear legs. FIVE CENTS is worn, but strong.
IMHO, it makes AU-50, if it straight grades. The spotting on the reverse looks more than superficial. If it cannot be removed by an acetone soak, it will cause corrosion over time.
Nice example of a Type I reverse!