It is probably incuse on the coin. Why do I say that? If it were raised on the coin, then it would have to incuse on the die (a void). If that were the case, we would be seeing a lot of these all that time from that die. If you have just one example, then it is probably just a coin damage incuse mark on that one coin. So without seeing a lot of these, I feel it is incuse on the coin. (Coop Logical thinking)