Ok, I agree that after a more thorough inspection of the coin F-12 is more accurate. I think that there is too much wear in too many areas of the coin that would ever warrant a VF grade. For example, the entire centerline of the body is flat from the head to the collar bone to the foot and the "line" over the date/under the foot is beginning to wear into the date. All that being said, it is a very nice coin with great circulated surfaces.
It's a nice looking F-12. The S mint halves from the 20s tend to be a bit weak. I look for definition under Liberty's breast on coins of this grade and the eagles breast and leading edge of wing. Those areas will still have some detail in a VF-20.
I was regrading and revaluing my Walker collection this weekend. I have a coin of similar condition that I graded as VG-8. You might get me to believe that the shown coin is F-12 but I wouldn't go to VF-20. I'm valuing it at about USD$14.50 by the way. As I paid USD$9.00 in 2009, I'm not doing to bad on this one.