Since I know squat about coin collecting.. and had to look up PMD.. but wouldn't the "tail" side be flat as well? And the "tail" side looks normal..pwf
Could be acidic solution used on the one side, the reason I said washer coin is because quite a bit of the plating is peeling etc. But acidic solution or a grinding job seem very plausible :) more so the acid bath due to it looking bubbly.
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