This coin was heavily affected by grease, IMHO. Obverse only. The coin's lettering appears to be watercolor, and as if it was water-smeared from the center out. It's a very nice effect, I think. Might be a soft die? I am pretty sure it's grease, though.... Enough talk!
Hi, Could be struck by a capped die. Another coin gets stuck to the hammer die and after a few strikes, the metal thins out and "cups" around the die. There will be some coins struck through a thin layer of metal that is really a very "squashed" coin that is stuck, as said , to the die. That could look like this coin as well. Sometimes this produces a coin with a very sharply struck reverse. Have Fun, Bill
