This LMC has numerous die chips, laminations and other anomalies around most of the rim. Is it possibly an early cud? I don't see it in Pre Cuds.
I'm going to say just a worn die strike. A Cud would probably show some Die Cracks at first. Maybe a bit of a Defective Planchet with small lams on the edge to add to the effect.. IMHO
Here is the brother or sister to the above coin. Same indications around the rim plus numerous die polish lines around the date and above.
What are you talking about? Circle one of these things, will you? From what I'm seeing, this is a collar that isn't seated flush, that's all.
I don't know how to do that. But, the OP was a request for comments and possible explanations. The chips, laminations, etc. are almost continuous around the rim. So, enlarge the photos and look anywhere. Perhaps what you say "...a collar that isn't seated flush..." is part, or all, of the explanation.
I see the "excess metal," if you will, along the rim. I think that's just by virtue of the impact of the slightly-misaligned collar against the planchet. That pushed up some of the metal, in spots, and distorted the tops of some of the lettering. That excess metal isn't really chips, as nothing is chipped out. The distortions on the perimeter are due to the improperly-seated collar. That's how I'm seeing it. And your pictures are perfect.