I'm guessing it was broken out of some kind of advertising token, good luck token or an encased cent. The red around the rim was protected by the encasement.
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That odd disruption atop the letters looks to be a bead of glue running around the coin. Rinse it in acetone and see what happens.
Now, if I am right, once the disruption is gone there will still be a shiny ring around that area because the metal has been protected from toning all these years by the glue, but at least the glue will be gone.
Try it and then reshoot the same images.
TD
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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Now, if I am right, once the disruption is gone there will still be a shiny ring around that area because the metal has been protected from toning all these years by the glue, but at least the glue will be gone.
Try it and then reshoot the same images.
TD