From the description:
"1896 Morgan Dollar, PR65
Undesignated Cameo Contrast
1896 $1 PR65 PCGS. CAC. The Philadelphia Mint struck 762 proof Morgan dollars in 1896, down considerably from the 880 proofs of the famous 1895 issue. This impressive Gem proof exhibits sharply detailed, frosty design elements that show bold, but undesignated, cameo contrast with the deeply mirrored fields. The surfaces are well preserved and the high quality within the grade is confirmed by CAC. Housed in a green label holder. Population: 36 in 65, 39 finer. CAC: 5 in 65, 4 finer (12/23).(Registry values: N2998)"
Photos show many fine scratches and some defects in the fields, plus a few contact marks in relief on both sides. I feel the grade is reasonable given current "standards."