Looks like a mix of (a few) raised and (mostly) incuse diamonds. The ones near the date looked raised. It still looks like PMD (and some sort of vise job), but its hard to explain the raised metal.
Interesting. In some pictures the diamonds look incused on others they look raised. But I'm leaning toward them being incused. Look at the word 'liberty' - you can still see the 'B' in the diamond hole.
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