It is at the bottom of his shirt. This isn't on any other nickel. It's not part of the design. I'm thinking a another form of a die chip? It's something.
If you mean the area between IN and his collar it looks like Damage to me. The metal looks gouged in 2 small places and then pushed up from the damage.
The whole end of the collar tip looks like it has extra metal on it. There seems to be a 90 Degree corner indent, about 1/4 the way up from the bottom of the collar. I think it looks like a very large die chip.