Grease, but also the indent, Which appears to be pretty smooth both inside and out, Could it be something caused the the dies considering that I think this coin displays a lot of Grease Filled Dies both front and back?
I don't think it is PMD only because the surface coloring of the inside of the puncture is the same as the rest of the coin, I would think it would show scratches or other damage it was after the fact.
Just a guess for me? Probably will just be PMD on a very worn coin.
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