I would agree with above, AU-50 is where I would put it. I change my mind, I'm at 53 on it. I see a little more luster.
To state the obvious, too much luster for a 40. A 45, I could accept....unless some kind of a net grade??
I'd bet when it was graded it was unnaturally blast white (maybe a little mottled on reverse) from being dipped. Now that it's starting to retone the coin is beginning to look more natural again. I has an 1892 graded 40 by anacs with very similar wear in which I have come to the same conclusion. I'm pretty sure I even found an auction record of my coin in a pcgs AU slab before somebody decided to improve it.