Wavy Steps or damage?

[brefos77]

Of all of the 2006 P cents I've looked at, this one has the best steps. Is there any "waving" going on or just PM damage?

http://i60.photobucket.com/albums/h17/brefos77/steps1.jpg

http://i60.photobucket.com/albums/h17/brefos77/steps2.jpg

[trails]

From the picture it looks like PM damage.

BJ Neff