1906 P Liberty Head Nickel (V Nickel) For Grading

Liberty nickels are struck in such low relief that preservation of the design elements depends heavily on the strength of the rim. When the rim breaks down, the rest of the design elements go quickly.

To me, the wholeness of the obverse rim and separation of the reverse letters from the rim are key distinctions between AG-03 and G-04. I look for three things:
Can the entire obverse rim be seen at all? In other words, even if it is minimal, is it complete? Are all 13 of the obverse stars separate from the rim, even minimally?
For Liberty's design, is her ear hole distinct enough to tell that it is an ear? Is there any distinction between the curl on her cap and the leaves, or does it look like she's sitting there with a turtle on her head?
On the reverse, are the letters separate from the rim, even if the rim itself isn't complete?

On your coin, I can't quite see the area of stars 9-13 and the rim closest to them to tell if it is visible, but that is where I would focus. The rest of the coin looks like it would make G-04.

I played with your photo a bit. Here's the result:



There is just barely a complete rim, and stars 11 and 13 are just separate from it. I think this one makes G-04 by the skin of its teeth.

The reverse is stronger on your coin, and EPU is mostly readable. That isn't always true for G-04 coins. Sometimes it's missing completely.

IMHO, that makes it a good example for a grading set. What helps the most in a grading set is to find the weakest coin you can find that barely makes each grade. For lower grade Liberty nickels in particular, having the bottom coins you can find for FR-02, AG-03, G-04, G-06, VG-08, VG-10, and F-12 is worth the time and effort. Weakest-possible example coins for FR-02 through G-06 are readily available in dealer junk boxes, with a little effort. VG-08, VG-10, and F-12 may require searching through 2x2 boxes and albums. You probably won't need a PO-01 or F-15 or higher, since everything below your FR-02 has to be a PO-01 and the F-15 and higher coins have much easier identifying traits.

That's part of the trouble with online grading photos. The sites tend to pick a good example of each grade, but that isn't what people need when looking at coins in the wild. Having the lowest possible coin for each grade is much more helpful.

Just some thoughts.

Good example coin!

Ft Collins has forgotten more than I know. That said I would not consider this coin a good. To me the rim is gone at S10, thus AG.