This is at least EF-45, possibly AU-50 by some TPG standards. It seems to me that Morgan dollars tend to be overgraded at the upper end of the circulated grading scale. Take for example this 1902-S graded AU-53 in an old ANACS holder. I'd call it EF-40 or EF-45 based on the images, but ANACS saw it differently. Your coin looks to be at least as good as this one!
Quote: It seems to me that Morgan dollars tend to be overgraded at the upper end of the circulated grading scale.
You noticed that too? Seems to be a lot of TPG Morgans in EF/AU slabs that look 5-10 points lower to me. I think the TPG often call lightly struck coins lower on wear than they appear.
I would have it at EF40 at best from the feathers........to many minty fresh MS misfits that don't make MS grades due to a rub, and a flat chested bird makes AU53,,,,,,,now that don't make any sence...EF40
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