I was almost convinced of AU on the obverse, but the reverse is the epitome of a 45. The reverse photos are at the angle that viewing the feathers is a little tough, but it has all the circulation indicative of a high EF.
I feel Bill is right, but it is definitely closer to a 50 than a 40. It appears the reverse doesn't quite have half of the luster remaining, and there is a little too much wear on the left wing.
this is a tweener...between 45 and 50. I think 50 due to amount of luster remaining but overall the coin looks a solid 45. I would grade it on the conservative side and call it EF45
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