Thanks E&V, ijn1944, JimmyD, Earle42 and jbuck for your comments.
However, and with all due respect, please allow me to humbly advance an alternate possibility other than this is solely the result of a
Grease Filled Die and
PMD. I will again point to the rim to rim die break that exists between K-8 and K-9 on the obverse, which arguably has evolved into a pre-cud, and now a
Retained Cud. The result of this die failure is a blob-like area connected to the die break that has spread latterally affecting and displacing the IN lettering. inj1944 did opine
Die Deterioration as a possible cause, but a more accurate term is arguably die failure.
A factor supporting this view is that there is a significant area of weakness on the reverse letters UNIT of UNITED, which are immediately opposite to the rim to rim area at issue on the obverse. I've learned that such weakness is commonly associated with the formation of
Cuds and
Retained Cuds.
There may have also been some circulation damage that affected the remaining portion of N in IGWT, so I agree that is also possible--but not the likely cause of the displacement seen on this coin.
Please see the additional photos. I welcome comments from those of you who agree or disagree with my analysis. Thanks.

ARROWS POINTING TO RIM TO RIM PRE-CUD/RETAINED
Cud DIE BREAK AND ADJACENT AREA OF LATERAL DIE FAILURE

REVERSE OF COIN SHOWING AREA OF WEAKNESS IN LETTERING CAUSED BY THE PRE-CUD/
Retained Cud