I can see AU. These usually have some weak/flat struck areas, like the hair from the ear to the ponytail.
Yours is a nice example of the much rarer 1815 20 L (mintage 12,000).The more common 40 L has a mintage of 220,000. Here's an example of a graded AU 58. (Not my pictures, only my visitor):
Thanks again. I do not care that much about the exact grade. After all it isn't my coin. A friend of mine inherited a jar of gold coins from her father. She asked me to sort them out and tell her what would be their value. The majority of the coins were gold Sovereigns of George V in not exactly stellar condition. So I checked the years of mintage and mints against a database on the NGC website and none of them seemed to go over the melt value. This coin was a pleasant exception. I knew it had some collecting value but wasn't sure about the grade. In the end she may want to keep it and sell the rest. And I am even considering buying it from her if she wants to sell it too.
I would send it to NGC for grading. A nice AU coin could easily go for $1000+. There must be an interesting story about how she got this rare and beautiful coin from the quaint city of Parma, Italy. (Parma is a picturesque small town in Northern Italy, not too far from Milan. The city has great food and a distinct accent. È una piccola città bellissima.)