Queen Elizabeth I With Moustache (I Kid You Not!)

Looks like there is a tiny void in the planchet.
Still a desirable coin! Thanks for posting it.

Actually I don't think it has been clipped or corroded much.
It just looks to me like the planchet was not well formed.
By this I mean that the metal was not formed as a strong solid disk.
There are tiny voids of metal (empty spaces) in several spots;
for example at 12:00 on the obverse edge, at the Queen's nose and
at 9:00 on the reverse edge.
Small imperfections in the planchet are common for coins of this era.
The small missing piece at the edge looks like it fell out,
due to planchet imperfections
rather than being clipped out, since there are jagged edges and
there is a small crack at 5:00 on the obverse.