I see it as a VG10, also, and it is a beautiful coin. I love the original surfaces on this one and color is gorgeous.
I am not surprised that NGC graded this at an F12 since I feel that NGC overgrades their key date coins to improve their pop reports. I could be wrong, but overall, NGC grades 1-2 points higher than I do and, as a result, I don't use them.
I think you probably would have received a VG10 from PCGS or ANACS, though I have seen the key dates get bumped up a grade just because of their desirability. I do so hate market-grading.
Sorry, but a Fine coin has a full LIBERTY. I just can't accept less than that for an F12 grade.