I agree that it just appears to be a bubble in the coating. I don't know
how that affects the operation, if at all. One thing to note about PTC
thermistor overcurrent devices is that many do not like being in a
continuous overload condition. If left in the overload condition (high
temperature, high resistance) for over a month, they MAY burst into
flames. UL requires a "fire enclosure" if the available power is over 15W,
as I recall. This would enclose the flaming PTC.

Harold



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