The 1926S was usually poorly made. The dies were often well worn, such as this coin. You'll get a lot of people saying this coin grades Fine, but I think it's a solid VF.
http://www.lincolncentresource.com/Lincoln_Cent_Grading_Guide.html I say VF-30 choice: Here is my reasoning: Hair has detail on top, but not behind. Good bit of the wheat ear is visible, including the lines on top. May be a weak strike, with AM hardly see able. Ear and bow tie still clear. Cheek and jaw are worn flat.
In my very unofficial rookie opinion, I would call it Fine. The reverse has a very worn looking AM in America. Maybe this is due to a worn anvil die as @physics-fan3.14 alluded to?