Not sure what this is.

Hello,

What is this called, and what causes it?

Thanks,
Chas.

 

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I am guessing that you mean the 'ring' around the coin, near the rim. This is die deterioration, the die is getting worn and the metal in the die is flowing a bit.

 

Die deterioration, got it. How come the letters looks normal still?

 

I think that just the fields are flowing.

 

Thanks Capt.

 

You're welcome, and Merry Christmas!
Time to get this night started, lots to do and still get some sleep in, 2kids!

 

the later the die state gets the worse those coins will look, until someone notices the die is shooting out crapped out coins.