The piece was graded MS 64 by PCGS before I bought it. But the real challenge for anyone grading this kind of item is reconciling flat, almost 2-dimensional relief, broad unstruck planchet areas, and crude mechanical inscriptions. Some of these are also problems in grading Indian $2.50 and $5 coins, certain classic commemoratives, and territorial gold pieces.
Relief --- Raised design elements are flat on the top surface of the eagle (rev) and will clearly show every tiny scratch, nick or ding. Where there are recessed details there is very little transition between top and bottom. Obverse lettering is barely rounded on top, but only slightly canted to facilitate release from the die. How does a grader evaluate this kind of surface.
Planchet --- Except for relief and the depressed areas surrounding obv letters, the planchet is largely untouched. That is, the original planchet with all its scratches and marks is clear and obvious. The grader has to separate marks that were on the planchet to start (as struck) with damage acquired in shipping or use. This is analogous to the field on Indian $2.50 and $5.
Mechanical inscriptions --- Reverse hubs were cut with a cheap mechanical cutter, the the standard Janvier reducing lathe. There was no plaster or bronze model. Digits were punched with items from the cutter set.
So, a grader has to separate pre-strike marks, from post-strike marks, then assess their severity and visual impact, and finally determine the overall quality. That's a tough job on these pieces and similar coin and medal designs.
Give it a try and see what you come up with. Then try your skill at grading some of those Indian QE and HE.