I agree that it appears to be a lamination. Also keep in mind that a cud involves the rim of a coin so this would not be a cud, instead it would be a die chip.
99% Sure look a lamination! 1% one part thinks a may have started in gem bu form as die crack or a bad planchett.you never really know when there that worn.
Help me understand this, A cud is from a die with a piece broken off and that causes a lump. Why must it only be on the edge of the coin?
Breen called it "Lump on a coin struck from a die from which a piece has broken off. The term is attributed to Del Ford."