In my opinion these are die breaks, the coin weighs out at 2.38 grams, so a tad under. I'd expect solder to add a fairly significant amount of weight. The unusual shape of the breaks also matches what I see on other Mercs on cudsoncoins.
Well I'm not seeing any weakness of the strike on the obverse, which is something I would expect to see on Cuds of this side. Also it is not raised above the rim (but could be worn down) I'll say not a Cud
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