I'm not sure if this is a lamination or pmd... I'm trying to tell whether a hit folded the metal back on this rim or if this is a planchet error. Interestingly the reverse shows what looks like a lamination as well. I'm kind of confused with this one. Thoughts? The lower left quadrant of the obverse: The rim shows a crease, almost as if it took a hit: And the reverse shows a separation directly opposite the obverse lamination: With separations on both sides, I'm wondering if this is some sort of a cracked planchet. Something else I'm just noticing, the lamination crack seems to be along the same line as the grain from the improperly mixed alloy lines. It makes me more suspicious of some sort of 'through planchet' crack.
It is hard to define what has happened to your coin from the photos provided. I can think of several different possibilities, but do not dare to call it any one particular thing. If I was to wager it would be for defective planchet.
Thanks for your analysis, alurid. Yeah, it's a tough one. With a 109 years of wear, I could definitely see either possibility: pmd or planchet error. Or both.