Yes, it is a lousy strike, but it is a red 1927-S. This is an example of an uncirculated coin with no wear and a lot of detail missing, but the key is uncirculated. It really is relatively mark free. I used to think it was fairly graded at 62, but I checked on Heritage. Below are 2 examples of 63 RED's. Their strikes are similar to mine, but their coins look like they went through a meat grinder. Despite its problems, I think I would take my coin over those, yet they are 63's and mine is a 62. What I can say is theirs sold for $460 and $750, but I got mine for $150. Looks better with the pictures now.
That is a nicely graded 62... especially for ngc ! I would fully expect that coin to grade 63 today at either pcgs or ngc.
Considering that I got this one right and how often I've been one grade low recently, you're probably right.