I can't see any evidence of luster at all. It makes me think that the coin has been improperly cleaned. What sort of lighting are you using? Chris
With the microscope all surfaces appear satin or sand blasted. Could be altered. Not a Morgan expert, just trying to learn.
Possible, but it looks to have been polished to me. Which if done in a certain way produces a satiny look.
Please take your photos with the face of the coin parallel to the face of the lens. Crop your photos so they are mostly of the coin. It's hard to tell anything from a photo taken at an angle.
Looks like it was cleaned. Please post pictures of the coin taken "straight on" and with different lighting.
I can see from this photo that your single source of lighting is low at 3 o'clock. It is better if you can use two sources of light, placing them at a 45-degree angle to the subject at, both, 10 o'clock and 2 o'clock. Some people find that "gooseneck" lamps work best, and you can often find these in thrift shops. Chris
Looks polished to me. Perhaps they put it in a tumbler and the media used was a bit to harsh. That's a flat out guess.