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What is going on with this coin? (I promise I didnt find it in a parking lot)
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A customer brought this to a show today calling it a double struck in collar error. It seems maybe that could be, but its only some of the features that look double struck.
Anyone confirm this? Or know what it is? 
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I think the customer might have the right attribution, but it's hard to tell in that condition.
Could it be machine doubling?
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"Paper money eventually returns to its intrinsic value---zero."----Voltaire
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That’s what I’m thinking also, die bounce or shift during the strike.
Zero chance of that.
It was struck twice. The only question is whether both strikes happened in the mint.
Send it to PCGS. Odds are good.
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Whatever happened, there's separation between the images. That's exactly what a double strike should look like. Machine doubling or a shift during strike would show horizontal movement that isn't seen here.
The parts I don't like are the weakness of the second strike, and limited area affected. Those could be signs of something else going on outside of the mint, at a lower pressure than a normal US Mint strike. Or not. I don't hate this, but it sure would have been nice to see it when it was unc.
damaged
something moved in an arc over the tops of the letters moving metal
Thats what it looks like here as well, jmo
I would say the die is worn and the "Ridge Ring" that is forming along the inside of the rim because of the worn die is the culprit - you can see the L in Liberty is also affected. A double strike would cause doubling everywhere - not just a few letters.
"When they can't find anything wrong with you, they create it!"
"Ridge Ring: One of the many manifestations of die deterioration, a ridge ring is a circular area of distortion that goes around the perimeter of a coin near the rim and is the result of cold-metal flow toward the rim from the striking process." - https://www.lincolncentforum.com/terminology-list-q-r/
.
"When they can't find anything wrong with you, they create it!"
If it was a double strike, it would show in more than one small area.
I’m with the Die Deterioration with a Ridge Ring group that caused
the doubling. There is no premium for this.
@Steven59
Great explanation. Beyond my knowledge. Thanks.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
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Thanks for posting this coin, I always enjoy the challenge and the lesson learned. Good job @Steven59 for digging in deep. I have come across a few of these when roll searching over the years.