When grading Mercs, you have to pay attention to the reverse and in particular the design elements of the fasces. G.A.P.metal provided a picture of the guidelines if you can make it out. But to achieve the grade of VF, the diagonal bands of the fasces must be completely visible - not just at the edges. As evident in your pictures, the diagonal bands are worn flat in the middle and visible at the edge. With a Fine grade, all sticks of the fasces needs to be defined. You piece would be a borderline Fine, but it is a solid VG. The top end of the fasces the stick-line definition is weak. Could just be the picture.