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Perhaps this cent was on the end of a roll and only that middle part was exposed to the air.
If so, I would expect the reverse to be nearly pristine and it is not. Looks like an EF/AU at best coin, it's seen a lot of action.
I think the coin was fully toned/stained (full BN) and subsequently partially exposed to something slightly acidic which removed the patina. It's purely chance that the ring formed - I wonder if a dime fits in the middle? It could have been resting on a dime (or vice-versa) - something circular protected the center from the corrosive agent.
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Edited by BadThad
10/01/2023 8:39 pm