It’s really tough to tell, even looking close through a loupe. The more angle I put on the coin, the more it disappears even or below the surface. My feeling is that it is incuse. I find it hard to believe, on the other hand, that Daniel would hand stamp each one individually. Hopefully he will chime in.
An addendum to my previous post. I was looking at photos from other posted Antique finished dollars and the 1921 is in a different placement on each one. It does appear they are hand stamped after all. The placement of these two are similar but note how the 2 in 21 is higher in one than the other.
On your piece which is a much clearer photo, It looks like there is evidence of displaced metal on each side of the number. Pretty neat. As there doesn't seem to be any evidence of a counterstamp on the reverse.
The displacement is what makes it so hard to tell if it is incused or not. The area in between lights up when looking through a loupe, giving it the appearance that it could be either raised or incused.......very deceiving.
Okay Carr guys, just HOW COOL is this . . . . . ? Z With one of my favorite hobo nickels in the business end . . . . .