The light appears to be coming from the right. And the right side of the feature appears to be lit. Hence the feature is raised.
Maybe, but if it is raised then why is the 1 so weak that it is barely visible ? Lighting effects can often make incuse look to be raised, and vice versa. Which is why I asked.My thinking is that this is possibly a strike-through error, and that would explain why the 1 is so weak. Were it a plating bubble and the 1 was struck directly on top of that bubble, then the bubble, which would be several times thinner than a sheet of paper, should have been broken by the strike. But is not, so that is one other thing that makes me wonder. Just sharing my thoughts.