Circumferential Cuds
Definition: A circumferential, or 360° cud, occurs when the entire perimeter of the working face of a die breaks away. This can occur incrementally, as chunks of the die break off at different times. A circumferential cud is thought to occur when the outside of the die neck is unusually brittle and when there is a sharp transition zone between the brittle exterior and a softer interior.
Circumferential cuds are extremely rare and are unknown among U.S. coins. A few examples are known from other countries
This 1918 Serbian 20 Para shows a 355° cud