Surely the forces would create an elongated shape, as per hand-rolled pennies that you can make at museums, etc, nowadays? The force would need to be downward, wouldn't it? But how that might happen without splitting the flan eludes me. Heat maybe? I'm baffled! ?
Just had a closer look! None of the letters are stretched or distorted, or even significantly larger. Something not quite right! Perfectly round garter, too!