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& LIBERTY
No. It's simply a missing clad layer. The missing layer caused not enough thickness to add the letters. Not a cud.
Sorry, Ace. I am going with Enamel. Were it a cud, there would be a raised area. This was caused by lack of metal in the coin due to missing cupronickel on lower half of reverse. Just not enough metal to fill the die.
Still, great find.
Time for more coffee.