Interesting 1848 N-6e Large Cent

Thanks for that information. I thought that a Retained Cud was the raised area on the rim. I had not seen any images of N-6e without the raised area. I am having difficulty visualizing the process the die is going through. Intuitively, I was thinking that the raised area on the rim would have been a stage later than what I am seeing on this coin. You, I think, are suggesting that the raised area comes before seeing what is on this coin. So how did the raised area disappear?
Thanks for your help.
Pete

Yes, this one shows just the tiniest bit of horizontal displacement. Probably not even visible; it only moves under the enormous pressure of the strike. I think any vertical displacement of a Retained Cud kind of depends on the shape of the broken piece - the more wedge-shaped it is, the more likely it'd be to move vertically and then usually in a downward direction (which would make it appear raised on the coin). All of this only happens because (as is common) the reverse is the anvil die, so gravity keeps the Cud in place.

This one's the latest die stage; you can find examples with much lesser degrees of cracking at that point.