1864 L Indian Cent for grading

Your comment is why Slabbed coins are over-priced and take up too much room to store. The grade is in the eyes of both the seller and buyer. A common ground needs to occur to make the transaction work for both.

 

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Buffalo's are graded totally different as what I have found in that series is luster is the key. And true their a complete different science in grading buffalo nickels then most other coins.
The same can be said for the difference between an 1880 Morgan and other dates of the same series.
The OP coin in my opinion is somewhat a slider between a F Vf....I personally think that it be a lower grade vf . Since grading is subjective and even more so when dealing with a series as a buffalo nickel or a strong strike Morgan .

 

The reverse of the OP's coin has a defect in the rim from about 2 o'clock to 6 o'clock.
Is this from a misaligned die or loose collar?
How does this effect the overall strike and grade of this coin?

 

It has no effect on a coin in this condition. It would on an MS state coin, to a point. Some would not care for it on a coin of that value and some might not care.

I like the OP coin. The color looks right and it has a nice look. It has that look of never being messed with. Folks building an album would jump on this coin. They won't care about it being in a slab.