2 coins. is thsi caused from gas bubbles? one coin missing part of letters on ES

the first 4 pics are from one coin. are the holes from gas bubbles? what are the globs of metal? missing part of ES in states. last pic, 2nd coin, at the MM?

 

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Seems to me if they were "bubbles", they would have existed on the planchet and the press would have stamped the die directly onto them, flattening them out somewhat. This probably would have resulted in a rather normal looking coin with odd surface blemishes. Since that is doubtful, I would lean toward PMD.

 

Since all of them have areas where it appears zinc is showing, I would say its corrosion of the zinc under the copper plating. I have seen similar on roman silver plated antoninuous'. IDK if there was a break in the copper or PMD started the reaction, but that is what the damage is now I believe.

 

ty

 

Damage/corrosion

 

Zinc Rot

 

P m d arc welder.

 

Zinc rot