I like it as a AU-55. Definitely looks like wear on the top of Liberty's right leg (left in picture.)
Coin has wear where borgovan said, and also going down her right leg (left in picture). I also see wear in the cloak she is wearing, below her breast in right in the middle. Also wear on the eagle's right (left in the picture) claw. I'd grade the coin 55, but I think whatever TPG graded it, gave it a 62.
Note: I've ran into some dealers who would say that's cabinet friction rub and normal characteristics for a coin of this age.
Cabinet friction only appears on the highest points of the coin. And never in the fields. So if you see signs of breaks in the luster anyplace but on the highest points - then it is not cabinet friction. But it sure makes a handy excuse for dealers and TPGs to grade AU coins as MS
I agree with Doug on this one. I grade the coin AU55 and I think the TPG did as well. Typically they bump coins to the MS range when the coin has cabinet friction (high point wear). They are tougher (as they should be) on coins with wear in the fields.
I’d say AU, as the coin is clearly not original, although some nice toning started awhile ago. Subdued luster and what appears to be slight wear, particularly in the fields, could be due to a prior cleaning. Either way, darn nice coin and wouldn’t be too upset if I bought it as MS. Of course it could be the pics and the coin looks even better. Edited: What are those marks in the fields on the obverse below the stars to the left of the word "Liberty", to the left of the date (those look like a scratched square and line), and the vertical lines to the left of Liberty's arm?