Obverse looks like a lamination crack, and there is a die chip on the reverse. Normal for a 50's wheat cent.
I think the size of the lam is nice, a keeper. Could add a little value to a collector. Nothing outrageous.
That "chip" on the T, I've seen that a lot. I'm glad you mentioned it. That's very curious to me, how they happen there. We even see them on steel cents.
I wonder if an overlay would be of use to us. This is the first time on this list I’ve ever heard anybody talking about these and I’ve been on here since 2006. And I’ve seen these enough, and only on the T, and only in that spot on it. My intellectual curiosity is pretty fired up now.