1925-S - Black Imprint On Back

It looks like it was punched on top of the devices - because you can see damage to them.

Im thinking post mint damage on this one

That's what it looks like to me. It's rare to have a a segment of dropped letters. It is almost always individual letters. The only thing that bothers me is I don't see any trace of the "dropped field area" that would be holding the dropped letters together.

Wouldn't a dropped letter flow into the devices and cause the area where the letters meet to be flat? Since they are the same thickness. Or are the letters so thin that it doesn't make that big of a difference, and the small amount of dropped letter stuck in the die causes the weak look you see on the bottom of the "E" and other places. The left side of the "M" is an outlier though. Also as others have said the "dropped field area" is missing.

But still, not sure how/why someone would do this if it's PMD. It wouldn't be accidental though.

A rank postulation:
The metal has dropped out of the dies from a just struck coin for these letters to to be impressed onto a following coin (this one).

I still think it may be PMD, unfortunately.

Interesting anyway, because there will always be room for one of us to come up with an explanation.

Attempting to get it slabbed would be a good approach.

Would be a waste of money if it just turns out to be PMD, but if it turns out to be an error, (which I don't think it is), you could be sitting on something very interesting.

Like most in this thread, I notice the the style of the impressed letters is exactly the same as on the original coin, and in the same positional relationship to each other. That leaves room to doubt myself a little.

It doesn't look correct to me. The fill should make an even flow of letter on the coin. This coin looks like it was press into the coin to make it look like it was a bunch of dropped letters. What would explain the deep round holes on the reverse?