No it would not. The initials are either there or they are not. On your coin, they are there, just not clear but they are on the coin.
IMO I think the initials are on the coin. A clear photo of the area in question would help a lot as your photos are a bit blurry.
Could be a slight Over-polished die issue on the initials. The roof of the Memorial Building would be affected also. Looks almost floating. 1970 is a common year for this issue.