I am far from a Morgan expert, but my guess is counterfeit. It looks too much like casting bubbles to me.
Hard to tell surfaces look very rough, if it is like this in hand I would agree with But if not MS 61.
EF45-ish, even factoring the New Orleans strike, because some of the details normally lost in a weak strike (cotton bolls, talons, large lower leaves) are still there. That means it was a pretty well-struck coin to begin with and you have to lean more towards wear as an explanation of lost detail. More importantly, this coin is being destroyed by its' container. I see active PVC plasticizer infection - look for the green at the rim - as well as leached rust from the staple at the top of the obverse. I wouldn't be surprised if the PVC has already permanently damaged it.