Not Mine HS $25, misshaped labels. (1 Viewer)

I was watching that sale... You’re right, it’s like the inlays got warped when pressed. I don’t see indications that they are overlabels but it could be I guess.
 
AFAIK those are factory inlays, not labels (at least, not made by me!)

I believe I've seen that kind of distorted inlay before. I think they were just badly cut by the circle punch/die/whatever.
 

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