what's going on with the reverse of this Trade Dollar?
Patch of corrosion? The metal at the spot looks odd to me...

Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;
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Looks like a burn hole to me.
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Could be gunk in a punch
What does the other side look like?
solid VF detail but cleaned and retoned...
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It looks like it may have been housed in a locket of some sort based on the rim.
I was wondering that, if it were a punch, if there were any signs on the other side.
I like this idea.
That is an old test chop filled in with gunk on a cleaned coin
Most likely this although it is a Philly coin and those are scarcer with chops
11.5$ Southern Dollars, The little “Big Easy” set
Agree with TDN. And Crypto. What is the date?
Complete Set of Chopmarked Trade Dollars
Carson City Silver Dollars Complete 1870-1893http://www.pcgs.com/setregistry/showcase.aspx?sc=2722"
It would not surprise me if rather than a test chop, that was a mark made by unscrupulous Chinese traders as they tried to extract a small amount of silver from the coin. I believe Frank Rose referenced this practice in his book, which unfortunately I do not have handy at this time.
Complete Set of Chopmarked Trade Dollars
Carson City Silver Dollars Complete 1870-1893http://www.pcgs.com/setregistry/showcase.aspx?sc=2722"
Raised edge around hole supports above ideas.
That gouge will be treated like PMD (Post Mintage Damage) by most dealers, collectors, and grading services.
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I am going to guess 1877
11.5$ Southern Dollars, The little “Big Easy” set
Yea, let's see the other side. Could be a hole that someone partially repaired.
The 'hole' has a raised edge around it.... would really like to see the obverse. Could be a failed attempt at some kind of repair. Cheers, RickO
Here's the obverse of this piece... seller's images BTW... yes, it's an 1877.

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@lkenefic
Looks like a low grade example of the 77 Doubled Die Obv
It is also prevalent on the IGWT and Liberty
11.5$ Southern Dollars, The little “Big Easy” set