Personal 35 probably get 40 at TPGS. Now...Not saying BUT: Often, when a T$ has a flat area such as on the reverse of yours, it indicates a "chop" on the other side. Check the obverse opposite the "flat" for engraved details. Your coin looks OK in photo but cannot enlarge that area. It's probably just me...
XF-40 . I'm thinking old die and a weak strike . I got to get a CC one of these days . Nice one Doc !
And the grade is... This coin is special to me because it has the wide-spaced CC mintmark, unique to a single die used in 1873, 1874, and 1876. The 1874 is the hardest to find of the 3, with a handful in graded holders and probably a few more au naturel. This example has steel gray, mostly unmarked surfaces which are slightly prooflike. The weak reverse strike is typical for the issue, which can make grading somewhat confusing. From a friend and Trade Dollar specialist who recently upgraded the example in his set.
I think the white balance might be off on your photos. What I'm seeing isn't anything I'd describe as 'steel gray.' Since you said it's slightly PL, I'm imagining it wasn't the easiest coin to photograph. Also, the PCGS label looks really washed out. Maybe you need different lighting?
Paul M., You are correct that the photos aren't a great reproduction of the coin. I'll try to get better quality images when I have a chance.
new photos, reset color balance. hard to get the color exactly right, at least in hand the coin is a nice gray.
The OP coin is a nice coin. I would have guessed slightly lower--EF 40, but close enough. It clearly has been lightly dipped in the past, and is re-toning, but it is highly market acceptable, and a very nice specimen.
I was torn between 40 and 45. I'd decided 40. I feel part of it was uneven strike. But enough luster left to maybe bump to 45. I think possibly old light dip and retone but tough to call from pics. Regardless a nice coin