Edited: Most likely not. I think it's just a contact mark from something hitting the bottom of the E and flattening it. There's a chance it's a small die chip.
Looks almost like a "Die Chip"below the "E" in my opinion if that helps. Either way, not an Error my friend.
It's a die chip, which is a mint error. Its doesn't add any premium to it though unless you find a fairly large die chip.
The ole' droopy E. Love it, but not worth much over face, especially in the condition (corrosion) that it's in.
