The issue above the word STATES is a good indication of a worn die strike. So it is Die deterioration strike
I'm going to assume that is Machine Doubling on the Obverse; if that's the case it certainly is a pretty nifty example.
You know that was my first thought (especially since the light source appears to be directly face on) as I have gotten a similar effect when I have scanned coins before, though generally not showing completely around the rim. However, there is something about the MD process (how it occurs) that is sticking in the back of my mind. I guess I'll have to give it more thought before I go fully with the "reflective" causation.
Another observation in your favor would be, how could you have MD around the entire perimeter, but not have a single apparent hit anywhere on the bust? Not trying to prove your point, but I can't ignore that question.
This is a single squeeze era of coin, so the old pre 1996 theories of doubled dies do not really fit. They just call them "doubled dies " for "reasons", but many members think they are valuable and rare and Utub and other websites preach how valuable they are. The mm is also on the master die, so most of these are die deterioration, machine doubling , or Class IX ( Wexler and Flynn's ) doubling, called "God Only Knows". IMO ( as many do not feel there should be such a distinction) Jim