When I posted this 1915-P nickel for grading, Jaobler pointed out how weak "E Pluribus Unum" was. He even included a photo of another 15-P that had a more "normal" looking EPU.
Has anyone ever seen this before? I checked a few publications and can find no mention of it...
thedollarman and Ssuper Dave are correct --- overpolishing in that area of the die. What makes that a little more obvious than it might be on a different series is that Philadelphia mint Buffalo nickels typically had a Strong to Sharp Strike unlike their Denver and San Francisco cousins.
Unlike most clashes this one directly covers the letters. Most clashes are into fields, and can be polished fairly unobtrusively. The Buffalo loses letters and back detail the moment you polish it.
Because a variety should be present on all examples of the coins from the die. In this case the early strikes from the die would be normal but after the die was polished the letters were thinned. It is also something that could happen to more than one die. it more properly considered a die stage than a variety.
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