I'm thinking this one's a low AU. Have a look at the top edges of the wings - they usually strike well (important point with New Orleans coins) but tend to wear fairly quickly. I'd expect to see a little involvement on their part at EF, yet they're nice and sharp here. Combined with the neck, another sharp place which can wear quickly, I'm leaning on assigning much of the "wear" to a traditional flat New Orleans strike. At least, on the reverse.
Which leaves us the obverse. I just figured the reverse at AU. The obverse, therefore, pretty much has to be AU-ish as well. Coins don't wear harder on one side than the other. Here, look at the cotton bolls. Still nicely dotted, just a little wear in the centers, sign off both a decent strike and relatively little circulation. I expect these to be vanishing at EF.
Using those clear signs, anything anomalous in terms of "wear" has to be looked at through a slightly different lens.