HK-389, Official Medal from the 1909 Portola Festival at San Francisco.  Holed as issued; this is the version that was originally sold on a silk ribbon badge (interested parties can contact me for an image of one of these which I own).  I sent this in years ago (about 20?) just to see what NGC would have to say about it; this was back when they had NCS slabbing 'problem' pieces with a separate non-NGC label.  At the time they had seen very few if any HK-389's at all.  This piece shows nothing I would call corrosion, porosity, etc. on the surface, and in my opinion what you are seeing is basically toning.  It is likely that it either spent a relatively brief period in the ground or more likely was stored somewhere exposed to moisture.  It is certainly possible that this is due to exposure to salt-laden air, a definite possibility given the event's location.  Otherwise typical surfaces for these, showing just a trace of wear on the Grizzly's head.  If it was without problems, equivalent to what would certify today as either AU-58 or low end MS depending upon the surfaces.  Regardless of the perceived 'issues' what I feel is an attractive example.