Early date walkers typically come somewhat weakly struck, and this is a perfect example of that. That makes it appear to have more wear than it actually does. The coin has substantial remaining luster, it is just dirty. It appears to have more than 50% of the original luster to me underneath the residue. Based on typical tpg standards this amount of luster will receive an xf-45 to au-53 grade provided the coin does not have any problems. Here is an example of a very dirty 1916-d walker graded au-50. http://coins.ha.com/common/view_item.php?Sale_No=359&Lot_No=1261&src=pr