Found this CRH last week Said to myself, where can I ask about this So here it is Soaking in acetone as I post but don’t expect much effect
If it was, wouldn't it technically be a struck through capped die? http://lincolncentsonline.com/cappeddieerrors.html
If it were a nickel struck through a late stage die cap, the circulation damage is obscuring details for me. The collar evidence does put me on my heals a bit. But that might be put to rest with an adjacent nickel for thickness comparison.
I will offer that the 11 o’clock and below the bust (5-7 o’clock) have weak details that would support struck through a late stage die cap.