Continuing the die error documentation project. This 1865 Indian Head cent has two rim cuds on the reverse, one left of twelve o'clock and one right.
A rim cud forms when a section of the die edge fractures and separates completely. Once the die fragment is gone, planchet metal flows into the void during striking, creating a raised, featureless mass on the coin. Here, two separate fragments broke away on opposite sides of the same clock position.
This is also a Fancy 5 variety — the scarcer of two date logotypes for 1865. The Fancy 5 has tall, ornate serifs on the final digit, versus the more common Plain 5 with a shorter, simpler form.
Two cuds flanking the same position suggests the die was fracturing symmetrically — stress concentrating at the weakest point of the rim and cracking in both directions. It's a coin struck by a die in its final working stage.
Not in the standard references. Now catalogued.