That molten wax look is from extreme Die Deterioration. 1954 nickels are like that, the Mint ran those dies hard.
I would take a closer look at the NT of Monticello. That's where the crazy steps doubled die is found. The letters are partly in shadow on your photos, so I can't tell if that's deterioration or the DDR.
Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited. Contact Us | Advertise Here | Privacy Policy / Terms of Use