DNW are pretty accurate at grading nowadays (by the book) and tend to understate grade as Spink used to be known for, presumably to avoid arguments post-sale from buyers going strictly by the accepted definitions. And, to be fair to DNW, there is the slightest wear on the highest points of Britannia's gown to the right of the shield - but many dealers and sellers would offer this at AU or better. I went up to view the coins pre-sale so I knew this was a good one.