I would grade this an AU-50 to 55. In my opinion, the high points carry some wear which would limit it to AU and the wear is significant enough on the breast and left wing to hold it in the low AU numbers.
I'm going against the grain here - if you can see hair strands above the ear on a 1921-D, it's a good strike - and call it MS63-ish.
My reasoning? By the time the eagle's chest wears that much, you'll see much more wear on the neck and legs than is present on this coin. Wear should also be showing in the hair above/behind the eye.
This is more of a gut feeling than a solid grade - that would require larger photographs.
I would rather see pics of this coin outside of the holder for grading purposes. Plastic and mylar refract light and oftentimes make details look flat or worn when these surfaces are actually sharp.
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