This is an example of Die Deterioration 'doubling'. Many 60's dies were run to their bitter ends; VLDS. There could be a bit of MD going on here, but the bigger deal is the deterioration.
Our fellow enthusiasts have it right. Die Deterioration is the largest contributing factor to the coins appearance. With regards deterioration: I see BU coins in this state, but I will pass on those specimens. I'd rather high grade coins in an EDS or MDS. LDS and VLDS specimens, even in high grades, don't have much eye appeal for me.
If you have time, you may want to visit John Wexler's site, doubleddie.com http://doubleddie.com/144801.html and read up on worthless doubling.
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