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Agreed! I used to spend time and effort trying to debunk this rubbish, particularly when I was dealing part time, but now I have given up. A fool and his money is soon parted.

Here's one of mine displaying the same die deterioration. A not uncommon feature on farthings of 1675.

These lettering "defects", I'm afraid, are simply the product of how the edge lettering and graining is manufactured: firstly, the blank planchets are incuse lettered by rolling/rotating them under pressure through drums or wheels which contain raised, "mirror" image lettering to impress the correct words into the edge. Then the lettered blanks are struck between regular dies with a plain, grained collar which imparts the "milling". And herein lies the problem - metal flow under the significant pressure of the dies where the milling coincides with the incuse letters can produce these anomalies as metal can fill some of the interstices to some or full degree. On your specimen above, the diagonal downstroke of the R is actually still visible, albeit faint, and even full "Pemember" examples are just where the metal flow has obscured that part of the R. Likewise with the M's - they are not a smaller font, just where metal has encroached on the incuse letter somewhat. A curiosity, yes, but common, yes, and error or variety, no, sorry. And as for value - two pounds, I'm afraid.