Your suspicions are correct. The clip occurs in the punching process before plating (there is a rare exception). You can also see the grinding marks on this one.
also, if legitimate you will see that the coin is thinner 180 degrees opposite the clip because of the way the metal flows in the die. (There's a cool name for this effect that I always forget.)
Quote: also, if legitimate you will see that the coin is thinner 180 degrees opposite the clip because of the way the metal flows in the die. (There's a cool name for this effect that I always forget.)
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