Today I got the coin and now I have it in hand. Looking at the
ligate PK with the retrograde P I think the die cutter has forgotten to cut the P making it MAKIANOPOLIS in error and then - mentioning
his mistake - cut the half-circle of the P retrograde as a
ligature with the K. This
part of the P seems to be of a different
style - thicker as usual- and the space to the A is very short. So the
ligate P looks like it was cut afterwards.
Best regards