Received this in a toll payment today. Has 'blob' filled between the N and C in INDEPENDENCE on the reverse. Quite visible to the naked eye - but I circled it in the scan. I've not seen this on another PA state coin as yet.
Sorry but it is only a small die chip. If it was a cud it would be a blob of metal that includes the rim (which yours does not).
The most common place that die chips will form is between small, tightly spaced letters or on the edge of a device where it meets the field. The die steel is not thick enough to take the stress of continual striking. The CA SQ has some of the most die chips I've ever seen in the letters, but my favorite is one that has a fair-sized die chip on the brim of Muir's hat. It looks like the condor took a dump on him. Chris