There are a ton of King George VI coins out there, with small laminations that have occurred after the strike, especially the tombac coins.
This one, looks like the planchet had a lamination peel off in the upset mill, prior to the strike. The letters of REX are smooth, yet not struck fully. I would have loved to seen this coin, when it was in mint state condition (like so many George VI 1c errors I see).
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