I'm with Billyray on this one. I think it's lamination also. With the jog in the outer perimeter of the wheat stalk, where it shows apparent seperation, it should show a corresponding notch in the outer perimeter of the die. Also the crack running up through the center of the wheat stalk should be wider and raised.
I'll get better close-ups tonight. The first time I posted this, it was on coppercoins and that was the determination they came up with. I have a lot of coins with laminations and they are different. Someone on one of the forums posted a very similar one to mine about a year or so ago.
I remember that coin too. I tried searching a little and couldn't find it. I think it was in a thread on something else. If your coin shows a weakness in the obverse rim directly opposite, I might change my opinion. Here's one I found, it's a memorial and not a wheat however.
It shows the characteristic diagnostics of a retained cud. The internal margin shows vertical displacement and the design sits on a low plateau. This has always been assumed to be a sign that this part of the die had broken off but was held in place by the collar. I am not entirely comfortable with this assumption, but that's the consensus view.
http://www.ebay.com/itm/1940-S-WHEAT-PENNY-RETAINED-CUD-ERROR-COIN-ER-444-/140499144779?pt=Coins_US_Individual&hash=item20b666d04b I found this while surfing today. Thought you might like to see it.
