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Hey Speedy,
I picked up a 46 Sans S at the Baltimore coin show a few weeks back and until this post had never heard of this. Was trying to research this as to mintage figures of the different mm's and got to looking at the example on the link you posted and I believe you may be correct that mine appears to be inverted!
The problem is I can't find anything else on the 46 & 48 Sans S! The mm example on Variety Vista is from a cent so maybe all nickels wwith this mm is inverted as compared to the cent?
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