What you're seeing is the transition from the cut part of the blank being punched to the tear part. Error-ref has a good explanation of the cut and tear characteristic. http://www.error-ref.com/blanking-and-cutting-errors/ Hope this helps
I may have missed what you were asking. Are you talking about the Shiny areas at the bottom of the letters IN?
Yeah, it seemed to me like there were raised areas of some sort like drops at the bottom of each letter. Looking at it again now I'm sure it's just the light angle.
I use a magnifying glass for some of my close ups. It is real easy to create a hot spot with the angle of the light's.