Any thoughts on the cause or value of the distorted lettering or odd surface around trust and the date?
That coin is from dies that have been pushed well beyond their usable life. The mint keep using worn out dies as long as they are in one piece. For business strikes, the mint strives for quantity over quality.
Anything is or can be collectible as long as there's someone wanting to collect it. Value is a different story though, so no and yes.
