Odd 1890-O Morgan Dollar

I bought this yesterday, because it looked interesting. The rim has a uniform indentation all the way around on both sides, and the whole coin has an appearance that looks 'off'. The edge also has a strange appearance. The coin weighs 24.5 grams, which is a little light, but may be OK because of the amount of wear. I'm thinking it's either:
- Been in some kind of bezel or good luck charm.
- A circulated counterfeit.
Any thoughts?
You Suck! Awarded 6/2008- 1901-O Micro O Morgan, 8/2008- 1878 VAM-123 Morgan, 9/2022 1888-O VAM-1B3 H8 Morgan | Senior Regional Representative- ANACS Coin Grading. Posted opinions on coins are my own, and are not an official ANACS opinion.
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Comments
Railroad rim?
Bezel!
Mazel Tov!
Probably genuine ex-jewelry.
Not sure if they ever did encased silver dollars, but if they did I'll bet thius was one.
Thanks, everyone. I was leaning toward it being encased after examining it at home. The more I think about it, the weirdness on the edge makes sense for that. It looks like it was removed from whatever was holding it a long time ago; I wish I could've seen what it was in!
The incuse area on the rim (outside the denticles) was probably due to the strike. I have seen many New Orleans silver dollars from the 1890's with that characteristic. Given the wear on the coin, who knows about the edge reeding?
A lot of these Morgans were encased in belt buckles.... I had one....have no idea where it is now, have not seen it in years. Most likely this was in a buckle... Cheers, RickO
I wonder if I took the 1884 Morgan out of my key fob if it would look like that?