Looks like everyone is at dinner or fell asleep. So I will toss this out...I'm certainly no expert on this series but I have seen many nickels and cents that show this, and it looks like lamination peeling. Enlarged it's easy to see a lot of sharp edges tucked up near the rim. At this point it's my best throw out at you. Let's see what the others think.
Pretty piece. Would't grease denote a poor strike? What I see appears to be 'raised up'. Not an expert, and I didn't stay in a Holiday Inn last night (does anyone even remember that commercial?).
I once had a full roll of 1963 Unc. half dollars that all had the same effect. In the same area just below the rim, It's lamination peel. The half's looked just like this some more so than others. I can't see grease strike leaving flakes like edges ,but more of a smoother finish. I've seen quite a few 34 Peace dollars with lamination issues I have a 34 s with a lamination issues .
I agree with Paddy. I just thought I would repost this picture by itself because I thought you captured the effect really well.
