I'm not convinced this is
PMD and need better photos before I can agree with the consensus opinion.
Nice full sized photos of obverse and reverse are needed as are photos of the defect, perhaps backed off a little further to establish context, and of the area closer to the bottom of the reverse side as well.
While I agree with the premise that raised metal usually means
PMD, that's not always the case. Laminations and clad layer defects, for instance, can sometimes remain raised, even after the coin is struck.
What we can rule out is any kind of cutting device being used since there's no pinching at the edges and no signs of any cutting damage on the obverse.
There's a lot going on with this coin. Notice the lack of rims and faint devices (Quarter and TES OF AMER) on the obverse, almost in a polar fashion?
Photo 2 below is of the reverse and shows almost no devices at the edge. Why? Can't be grease in the dies because a
Grease Filled Die produces strong rims. Could this be a weak strike combined with
PMD?
Possibly, but photo 2 shows at the extreme right hand side what looks like the beginning of a split in the clad layer.
Also, what's with the unusual texture to the fields around TATES on the obverse, Washington's neck and then again on the reverse at K1 and K2 moving diagonally across fields?
All this may be for naught, but those better photos would really help answer some questions.