First let me preface this with I know this is not a double die. The issue in question is the second T in states. I believe it is machine doubling but there seems to be 3 tiers such as a triple strike would produce. The first T and the E shows the same issue though not as pronounced. Is this the result of a "bounce" or vibration of the die or am I completely on the wrong track? Just curious.
There.... much easier to look at (hate turning the monitor sideways) Can't really say for sure but I would guess PMD.