1877 Sydney St.george Sovereign

with Basil.
Laser optic profiling, with spark erosion die cutting, to produce a false die. The coin is probaly made from good gold, sourced by melting low grade common sovereigns. That could be the reason why it XRF'ed OK.

The left hand coin looks to be die struck, with the die made by laser optic profiling, the model stored as data on a computer. A die was subsequently cut by a spark erosion process, using the previously stored data.

In most cases, the freshly cut die is cleaned up manually, but I suspect that in ths case, it was not done, perhaps due to a lack of skill needed to do the die clean up work. With poor skill the tooling around the lettering and details becomes far too obvious. They may well have reasoned 'better left alone'.