Cuds are only on the rim of a coin. What you have appears to be a small die chip/break between the letters. This is commonly called a BIE cent, because the break makes it sort of look like the letters BIE in Liberty. These were pretty common to find on wheat cents from the 50's, but seem to be harder to find on more recent coins.
The other possiblily is that this is just a gas bubble under the copper plating that looks like a BIE. Closer and clearer pictures might help to determine which it is.
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