QUOTE(bobh @ Apr 20 2008, 06:12 PM)

Looks like more than dipping to me ... probably scrubbed a bit, too. Otherwise, borderline EF is what I would say (with emphasis on "borderline").
I see marks from circulation and light wear, but don't see any evidence of hairlines.
Coins like this were once sent for melting. Today, there is demand for them.