I don't have much experience with these coins, but I searched the
CNG archives for
Svoronos 1125 and brought up 60 examples. No exact matches for your
reverse legend, but two of the
CNG 60 are different from the norm. I don't know that striking would account for this, even though some doubling/shifting is seen on these coins. My guesstimate without looking into it further is a die engraver's error.
Finding another example struck from the same
reverse die might give a definitive answer.
The
area in question on your coin, where the I and O would be, might have these two characters combined, looking something like: b
Like the engraver realized the mistake after having
engraved the O centered between the A and Y and then went back and squeezed the I in up against the O. There are other examples of these coins where
legend characters appear to have been squeezed in up against adjacent characters, where it looks like the engraver was running out of room. Usually there is
still enough definition to the characters so that the viewer's eye sees what is intended, but maybe not always.