Those aren't letters. Those are dings and pings from getting hit in circulation, causing the metal to get pushed over and flattened. It's Post Strike Damage (happened after it left the U.S. Mint).
I actually see what your saying davidshan. While I agree with everyone that there are def dings and PMD I also see some very minor raised areas. Prob the remnants of a die clash. Most of it is prob PMD though. I don't see any letters. The mind sees what it wants to see.imho
The areas in question are incuse. If they were letters, they would have transferred from something, but not from the die, as they would be raised, and not incuse. So they would be PSD.
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