What is going on with this coin? Obverse cud obviously but the reverse has the depression and it looks like another cud with the words on it.
The obverse die broke and the broken part fell out before the coin was struck. The reverse die also broke, and the broken part still remained in place when this coin was struck. Neat example!
The depression is from the void of the cud. When a cud happens the opposing side details do not strike up. Notice the opposite area of the Pre Cud. It is also weakly struck.