The reverse was buffed in a radial fashion. The peripheral lettering was distorted as metal between and lateral to the letters was eroded. This produced the appearance of stretched out letters. The downward sloping perimeter is a dead giveaway that the coin was altered. I have seen other altered coins with this same effect. I suspect you will find this coin to be at least slightly underweight.
Thanks for that Mike. Jim C sometimes produces items of interest like this to challenge the forum members. Perhaps this is a challenge he will undertake.