I think Jeff has been replated at some point and your bumps are plating blisters.
Notice that each bump has smaller bubbles occurring in the center? Some type of corrosion or chemical reaction is going on underneath the plating causing it to push up.
I must admit: I am also stumped. I can only guess at a possible reason. ?Deliberate impairment of the die by the Mint? - such that no coins would ever have been intended be struck from it. Evidence of rim damage could be the reason.
Looks like it has been cleaned with metal polish to within an inch of it's life. Pity.
Nevertheless, it could? be a very rare error, and as such, could take star place in an error collection. Send an inquiry to the Mint, along with a picture. Another inquiry to The Numistmast.
It looks to me like it was "punched" by hand with some sort of metal tube (like a pipe) four times before it was plated. Betcha the rings are deeper than the coin surface and these images give some illusion that those are raised circles.
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