I thought the indentation near the date was PMD, but after looking over the back... I'm not so sure. The top arrow on the reverse of the coin is pointing out a slightly raised surface that mirrors the line on the obverse. The second arrow is pointing out what seems to be a lamination error.
There also seems to be a peal near the top of the A in America. Would this coin make Very Fine?
This is actually an interesting coin to me--a few questions: Is the coin out of round, does the edge of the "damaged" area appear pushed out at all? What does the edge of the FE look like where that "cut" intersects the rim on the obverse? And, what does the opposing rim look like on the coin--is the rim weaker/thinner? I just want to rule out something first.
Thanks for taking a gander, I appreciate it! The coin doesn't seem out of round, but I can post pictures of what the edge looks like. There is a lip around the edge, where it appears the collar was. Another reason why I wasn't quite sure this was PMD is because the 1 in 1857 is so weak compared to the rest of the coin... the tip of the eagle's wing is popping off the coin. Also, that line on the obverse is separating the sharp denticles to the north from the empty space without denticles to the south. Furthermore, the eagle's wing tip and clearest denticles are 180 degrees from that impression. The denticles on the reverse tell the same story.
I was thinking it might have been a strike through, which in that case would have prevented the die from making a full impression of the 1 and the denticles. And it might explain what seems to be that major lamination peel on the reverse... displaced metal.
A lot going on with this coin. By the say, the reverse pic I posted somehow seems to have been rendered by my camera or photoshop in a weird way. There is a color shift and misalignment that is obvious.
Quote: I wasn't quite sure this was PMD is because the 1 in 1857 is so weak compared to the rest of the coin..
I also noticed there are signs of planchet lamination on the reverse opposite the "damage" and weak rim on the obverse.
You noticed the weak 1 in the date, which got my attention too. FEs had a lot of problems with planchet lamination, and sometimes you see laminations associated with an incomplete planchet. If there was a small, ragged clip, some of the details might not get struck up fully. An edge view of the area should help determine the cause. --just my take.
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