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A technical question on toning

A question for our toning experts (lightsiders too): What is a technical explanation for how/why toning does not appear above the letters in examples like the one below?

I've seen several coins like this over the years, I imagine it is a sign of "natural toning". This example was so prounounced, though, that it prompted me to ask this question.

(For those interested, the coin below comes from a Romanian pattern set at auction by Heritage.)

image

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