My instinct is telling me this is some combination of lamination error and good ole fashioned wacky PMD on this 1947P without much explanation. It was interesting to examine with all the weird divots and decay looking spaces. Is this lamination issues or all just some sort of PMD? The obverse is completely unaffected by whatever it is.
It's a mess but it looks more like it was plated and most of it has worn off. It is late and I'm tired but that's what it looks like to me.
Plated...that explains the high ridge and the splotchy "luster" that doesnt look like normal copper. That solves that.
