I see high points show more wear than AU likely ef40 . Look at the lack of definition of the the hair and eyebrow . Obverse its the arms and shoulders of the paddlers.
EF45-AU50. FYI it appears to be the "level 7" date position of three, which five years ago I unscientifically judged to be less common than the other two. http://goccf.com/t/297580
The 1937-47 series shows less details on hair than 1948-52. This One could be considered easily EF-45. 1947ML availability is lower than the 1948's and is still a bit undervalued&
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