I know it’s not a die crack because the raised lines are behind the lettering. This leads me to believe it’s some sort of planchet error, but what kind?
I disagree, I think it is some kind of die damage. If it was on the planchet prestriking it would be more visible on the high points of the coin because they receive less striking pressure than the fields. Damage to the high points of the die would show up on the field of the coin as shown. Dies are sometimes ground to fix surface damage which leaves parallel lines. These lines look a bit extreme for that though I would think.
At first glance, I was thinking linear plating blisters but the direction of the lines (NW-SE) leads me to believe they are die scrapes from feeder finger damage. If I remember correctly these die scrapes only show up on the stationary (anvil) die, which isn't moving.
On wheat cents, these scrapes show up on the reverse in a north-south direction between EPU and ONE.
This is a really nice example and like lCutler said, much too large to be from die polishing.
(Kind of hard to tell but is this a zinc cent, mid "90's maybe?)
No the "AM" is close. After reading your post i had to go back and look at the penny because the picture does indeed make it look like their is a gap between the letters.
Good eye and thank you for the input.