An attractive very original coin, despite the typical '07-O strike - the sort of lumpy "mumps" Obverse as noted in Lawrence.  Having said that, I think this coin is undergraded, and is actually technically Uncirculated.  PQ even for a CAC coin.  It appears to be an Unc coin that spent some time in a mixed group of coins and picked up some "wear" as some extremely mild scuffing.  You have to look hard to find any actual loss of surface or luster.  Outside this holder it would undoubtedly be a raw "Choice Unc" - and it is priced accordingly (Net the equivalent of a PCGS MS-61/62). The blip at the base of Liberty's bust line is a die chip, not too surprising given the overall Mintage of this issue and the problems New Orleans had with the dies.  53 coins at PCGS, 25 NGC, versus 9 at CAC (plus 2 CACG).

PCGS 5647.58/64263692