This is a good looking coin, superb strike, decent luster, minor nicks, looks like a WG effect on the reverse too possible dirt/debri around the date and the word "Liberty". I think this has the qualities of a 65-66 but due to lack of luster and looks like a carbon spots on the obverse I think NGC gave it a 65
Man you guys were rough on this one. I will give you a clue. If you grade it lower than Doug, the odds are quite high that you have under graded it. Nice luster for a RB coin and a dead solid strike. Abe's beard is almost as detailed as my 1916-'s were. The nicks just aren't there. In this case, Doug actually got it right. This is a 65 and I think the only thing to keep it that low was the luster.