$2 edge "denticles"

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I don't know much about coins. I found this $2 today. The edge lettering on i has mashed the metal around the rim, giving the appearance of large "denticles". I haven't seen this before; is this just a spender?

Hi Seth, it's a spender. It is a "post mint damage" (PMD) - caused after it was issued from the Mint.

This isn't "post mint damage", actually its from the edge lettering on the coin. If you look you will see that each letter causes a thicker edge at the rim of the coin. The lettering is applied to the blank prior to striking. The obverse and reverse image is being fully struck but there isn't sufficient pressure to force the coin's metal fully fill the die to form a full rim.  Sadly this causes the coins to look poorly made and amateurish.

I would agree with Coinsplus. It looks like circulation damage. Coin seems to have lots of scratches and wear but that's based on what i see from the image. Maybe in real it looks different.

It's definitely not circulation damage. The coin does look heavily circulated in the photo but in person it looks almost new. Much of the coins original lustre remains.

Snoman has it right—the edge lettering is what has caused the rim to mash over and give the appearance of denticles.