Beard eyebrow and mustache detail suggest the tiniest amount of wear. With Edward V11 coins hair detail at the back of the head is obvious with AU 55 and above.
Slight lack of detail on the band of the orb on top of the crown (rev). Similar crowns appear on a lot of British Commonwealth coins.
Numerous tiny nicks and cuts.
Familiar for an Australian to grade these, because Australia issued the same effigy for the first silver coins, issued in 1910.
Softer central strike, stronger peripheral strike. I agree on the old dipping, but I think it is market acceptable and would straight grade. Adjusting for the strike, I see this one as AU-50. Eye appeal is average, given the hairline nicks.
Your coin appears to have a very early state die crack from the crown through "D" to the rim. In later die states, this crack becomes fairly bold.
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