I was asked to weigh in on this subject. I suspect the smeared, incuse letters are the result of a slightly uncentered positioning of the planchet toward the left along with a minor stiff collar error. Because the planchet was slightly uncentered, the right side of the coin had to expand in order for its edge to reach the working face of the collar. This caused the peripheral letters on the right side to take on a smeared appearance as the coin metal dragged itself across the protruding letters on the die face. The coin does show a minor horizontal misalignment of the hammer (reverse) die. Probably a "forced misalignment" since it co-occurs with a stiff collar error.