I don't know if the incuse is a security measure (such as the incuse CH on the Curzon House plaques... where some believe they were cancelled) or a cancellation, though if a cancellation; I wonder why not on the obverse as well... Also, the graphics are untouched at the base, which kind of leads me to believe the artwork was intentionally recessed in that area while still being protected since the pigment seems to look like it's also on the circumference wall of the core.... I don't know and I wonder why so much effort would have been put into a security measure in such a little, quaint town such as Venice... Maybe the graphic is deep and the protective laminate is thick. Anybody here know?