Tiny "spider webs" like that mean fungus. Since it looks like it is on the edge, it might not be a big deal, but it is likely to grow without some action. Depending on the lens, you might be able to "get at it". Others will have ideas on how to deal with it. Tell us more about the lens and its history, such as, how many years below the Mason Dixon line, etc.
I don't like the look of the very regular sharp semi-circle. Need a much closer image, but I doubt it is fungus. Is this a non coated Voigtlander Heliar?
Yeah, the circles look like a chip. Pretty unimportant on a edge.
With Balsam separation about.
Agreed!
Agreed, separation at the very least, and possibly/probably chip on the edge.
A conchoidal chip at the edge of the front element can scatter an incredible amount of light. OP, if you're going to use the lens -- you should -- fill the chip with india ink. I have a lens with a chip like that, unusable without india ink.
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