I love Classic U.S. Commemoratives but have a tough time grading them since they vary so much. I haven't studied this one yet, but don't the weak feathers on the reverse suggest wear? Or is that the weak strike some of you are talking about?
"The reverse of the coin (which Mint records actually refer to as the obverse) features a bald eagle with particularly stark and minimalistic features." So it's kind of designed that way, and looks like a weak strike.
I am finding that most graded commemoratives are MS64 and finding them graded higher is not only rare, but expensive. I would think that a special coin, struck in limited numbers, would have been more proof-like, but they were struck for general circulation, so just a quick business strike and sell them. Too bad as many have wonderful designs.
@Mountain Man - I'm not a conspiracy theorist, but a part of me thinks that the TPG's sometimes hold back on these. They know there is a pretty big step up in value from a 63/64 to a 65/66 on many of them, and I also think they look at them as the ugly red-headed stepchild of US coinage. With probably >90% initially held as a momento/keepsake, and those that did circulate most likely didn't circulate for decades before being pulled, you'd expect a lot more in higher grades. What I never understood about commemoratives vs general coinage is the lack of realized value for the commems, based purely on the fact that there were so few minted, especially vs Morgans. They each one is unique, (except for the Oregon/TX/Ark/BTW/WC's), and the artwork, even on the ugliest, is much more interesting then any of the circulating coinage in our history. i always scratch my head when thinking about how the 1893-S Morgan (100,000 minted), is always worth gobs more then coins such as the Isabella (24,214), Lafayette (36,026), California Jubilee (86,594), or even a coin like the Maine (50,028). Any of those would have to be in the 66-68 range to get close to the VF25 value of the "more common" 1893-S. Yes, I realize that the Morgan was intended for circulation, but when coins like the '39 P/D/S Oregons break the $500 mark at 67 and higher, it seems weird. I know that's also based on the market wanting/not wanting something, but come on! Each of the '39's had a mintage of 3k, that's 3% of the 1893-S mintage. Weird. Sorry for the rambling....
As usual, I am late to the party. As I quickly scrolled down to post a quess, I saw the reveal. To be honest, I was planning to guess MS-64. However, the grading of this coin from the photos was extremely difficult for me. The dark (somewhat appealing) dark toning in large areas tended to mask the coin surfaces. That said, the coin is certainly worth 63 money in IMHO.