The areas showing gray, it the zinc showing through the split plating. On the obverse, the bubble it what you are seeing on the motto area. It should press down with a toothpick. It is doesn't, then it is a die gouge.
I like to present the two options. That way the owner is convinced on what he has. An image can't always do this for the forum. Sometimes it takes a hands on approach to see what is really going on. With the two suggestions, either way, the hands on will tell what it is. It is always nice to know, and glad you shared the answer with the forum.
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