I spent a long time looking at this coin and I think I have finally figured it out.
In this close-up of the obverse I think there are interesting things that you don't see and interesting things that you do see.
First, what you don't see is an obvious overall scratching and grooving that would be quite obvious on a coin at this level of magnification.
You also do not see grooves or scratches going into and/or coming out of the divots on the surface of this coin.
What you do see is that the depths of these divots on the obverse are very well plated with copper, which would be very odd for post mint damage.
My hypothesis regarding the story of this coin:
This coin started it's life as a thick zinc plate. The plate was put under pressure to make it thinner and thinner so that it could be used to punch out cent planchets. I think on one or more of the passes through the thinning machine, the plate was not properly annealed, causing the metal to fracture and chunks of metal to break out of the plate.
I think this faulty plate was then punched to make a faulty planchet.
I think it is possible that because this planchet had a much higher surface area then a regular planchet due to all the holes, the electrolyte used to plate the coin with copper pooled in the holes causeing the planchet to be improperly plated.
I think the smearing of the metal that Spence was seeing was the deformation of the various divots on the planchet that were caused when it was struck by the design dies.