Yes that looks like a linear plating bubble across Abe's neck. With regard to the alignment, your coin might have been struck from a slightly misaligned die. Normally, to add value, this must be so extreme that parts of the inscription must be falling off the edge.
"If you climb a good tree, you get a push." -----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed." -----King Adz