No such thing as words on edge upside down. The edge inscription was applied to the blanks before the blank passed between the dies. It's completely random and can be either way up.
It's a common coin with a mintage of over 35 million. They are no longer legal tender but some banks still exchange them. You can find more information here: https://www.checkyourchange.co.uk/1...2-one-pound/
Around 40% of coins have the edge inscription upside down, it is definitely not a mint error but as numbs rob said it is applied before the blanks are fed Into the minting process along with the collar.
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