Actually, VF is too optimistic, mainly because both obverse and reverse designs wear extremely well and hold a lot of detail. Years ago it would only have rated a tad above F but nowadays probably GF, or perhaps some might even say NVF. Points to look at : Obverse - hair above ear worn flat, lacy folds of veil indistinct, crosses on crown well worn. Reverse - sword beginning to merge with horse's flank, St George's arm & breastplate well worn, brow and face wearing away. It's certainly in a collectable condition, but these are readily available in high grade.