First off...this isn't my coin. I can't find mine (it's around here someplace), but this one is pretty close to mine. Anyway, I haven't seen anyone discuss this coin variety and I think it's pretty cool (not really sure what caused it). Does anyone else have this one? I think there were a couple of other dates with double profiles, but the 1834 seems to be the most common.
I believe this is caused when the planchet shifts during strike. It is fairly common on Capped Bust halves of this era... Not sure about large cents.
The way it cuts into the design reminds me of mechanical doubling. The dies might have been loosely installed and shifted during the strike, flattening part of the coin slightly.
The doubling doesn't have the flat appearance normally associated with mechanical doubling. Here's an reference I found (Ira & Larry Goldberg Auctioneers) that attribute the profile doubling to "die bounce"...seems reasonable...thoughts?
It is a form of mechanical doubling. the screw presses were getting worn and "loose" by 1834. The 1834's are about the most common with these double profiles. There are also some in 1835 but they pretty much disappeared with the new steam presses put into use in 1836.