The Changing Changing-Look AGN 1ES 1927+654

We report on X-ray follow-up observations of the March 2018 nuclear transient event AT2018zf (ASASSN-18el) from an ongoing campaign that includes XMM-Newton, NuSTAR, Swift, and high cadence (daily-to-weekly) NICER observations. The event was associated with the Seyfert galaxy 1ES 1927+654, a "True Type-2" that, nevertheless, showed an X-ray spectrum typical of an unobscured Type 1 AGN. Optical monitoring revealed the emergence of broad Balmer emission lines following the outburst, suggesting a transition from a Type 2 to a Type 1 AGN on timescales consistent with the light-travel time between the central black hole and the broad line region. The optical outburst was followed by a dramatic shift in the X-ray spectrum as the hard X-ray luminosity of the corona plunged by >2 orders of magnitude and the spectrum became dominated by a 10^6 K thermal component. The subsequent X-ray evolution of 1ES 1927+654 includes an additional two-order of magnitude decline in overall luminosity, followed by an extended period of quiescence, and re-brightening to levels that make it the brightest AGN currently in the X-ray sky. Throughout its evolution, the source has displayed X-ray flux variability of factors of several on timescales less than hour, and of ~100 on timescales less than a day. The X-ray spectrum varies along a consistent luminosity-dependent track, wherein increases in flux are accompanied by a spectral hardening. We seem to be witnessing the onset of an instability in the pre-existing AGN disc and corona, followed by a still-continuing re-emergence of the corona. If the initial transient is identified as the tidal disruption of a star, it is possible that this was the instigator of this unique behavior.