Wondering if someone could help me identify this anomaly? -- Attribute it, or dismiss it. E south to P, then west to east under PLURIBUS. It is raised. I have some ideas, but looking for some other insight. Hopefully from a Buffalo and/or error specialist. Thanks.
Its a die clash. The dies came together without a planchet between them, and some of the obverse design got transferred to the reverse die. The horizontal line is the chin from the obverse and slightly off vertical line is the neck. The "point" below the "L" is where the neck and chin meet. Hold your coin up and then hold up another nickel with the obverse upside down, and you will see the source of you clash. Or, look up Mad die clashes. They show overlays. Have fun.
I say clash also. Take a look at some of the typical clashes on the site referenced below. That is a common place for the clashes to show up. Also, it may help you out with other places to look for some evidence. http://www.maddieclashes.com/nickels.html
It is a die clash, as mentioned. It is evidence of a fairly strong clash. Now take a close look at the obverse, sometimes you see evidence of the lettering of E PLURIBUS UNUM under the chin of the Indian.