I'm not an expert on these. But according to Lincoln Cent Resource there are 1500 varieties of these so I'm thinking that this has got to be one of them. It looks very much like the second example shown on that site.
It is a die chip. It varies in strength as the die ages. These happened a lot in the 1950's cents as they over used the dies. This is not a variety. It was collected for a time, but they realized it happened mostly during that time period.
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