Well I must admit, I did notice the letters when I glanced at the thread last night. The E's and the Y in "ONE PENNY", stand out as knackered. Similarly with the unclosed O and on the obverse, the C, A & T in VICTORIA (and T in BRITT), as well as the sort of missing lower colon dot after "REG".
Presumably the result of a worn die, but I've never seen an 1860 penny in quite such rough shape, worn die wise.