It is possible it has been trimmed on the lower edge.
The bottom border is uneven, probably from a slanted cut from the original sheet, leaving the border much thicker on the right side of the face. This is not uncommon on earlier series notes. So I don't think the note is trimmed because the bottom edge is worn and dirty. A trimmed note would have straighter, cleaner edges.
I agree that the note could be technically Fine, but it is grubby and damaged at the edges, hence making it look only VG. In its current state, getting an offer of more than $105-$110 would be hard.