I found this among Grandpa's beat-up War Nickels. There is a distinctly different strip of metal starting at the rim after the final T in trust and spreading out slightly until it reaches Jefferson's collar. It looks like it's kind of flaking in spots. Whatever it is, it doesn't seem to affect the reverse. What is this?
It appears to be a lamination. Remember, in '43 the 35% Ag / 65% Cu alloy was still new to the mint, and many coins minted that year suffered from laminations.
Inordinately fascinated by bits of metal with strange markings and figures
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