Poorly struck coins sometimes show circular marks that were not erased by striking. commonly coins will show the remainder of a pit caused by a holding pin that held the coin blank for grinding.
If all you see is a smooth, nearly perfect edge (under good magnification,) that is bad news. What's even worse news is seeing a very smooth edge with faint little circular marks that sort of repeat themselves around the entire perimeter (which are ...
 See also: Smooth, Marks, Strike, Coin
  
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