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I'm trying to learn this myself, so I don't really know but isn't that wear (obverse) on the brow, above the ear, the lower middle curl, and on the hair below the L, I, T, and Y (all of which I believe are high spots)? Looks like those areas are rough as opposed to weakly struck. It also might be that the " toning" was placed where it is because it does cover some of those areas.
I'm trying to learn this myself, so I don't really know but isn't that wear (obverse) on the brow, above the ear, the lower middle curl, and on the hair below the L, I, T, and Y (all of which I believe are high spots)? Looks like those areas are rough as opposed to weakly struck. It also might be that the " toning" was placed where it is because it does cover some of those areas.
You have to consider strike quality with New Orleans Morgans; their indifferent strikes make grading all the more difficult. The areas you mention, being high points on the coin, would also suffer from a poor strike.
With that said, you've made me look closer at the coin and I'm reconsidering my opinion of it to conclude it's circulated. I'm saying this based on the look of the eagle's talons, the two largest leaves on the wreath and the relative "roundness" of the hair immediately above the ear. These are the three places where a weak strike first appears, and the two reverse features do not usually wear early in the circulation process.
The talons show enough detail to conclude that it wasn't a bad strike to begin with. They're usually the first to go. So, one has to think that what looks like "wear" on this coin likely is.



















