Look at the lib, in Liberty. There's no bottom horizontal bar on the l. It looks like something went around the coin taking out the bottom of the l. What's going on with the I and b too.
You are seeing what is known as a ridge ring, affecting the perimeter of the coin. It is caused by the deterioration of the die. The I and B probaably have plating issues
That ridge ring does extend into the field farther than what we see. The B and E is also from the die deformation.
Never heard of a ridge ring, basically a worn die then. I never would have known this if it wasn't for you ladies and gentlemen. Bravo bravo and thank you