VF20 -- VF=Very Fake. But if a grade had to be assigned for simulated wear, etc. then it would be a 20.
Looking at it again, pretty sure the thing with "sterling" on it is a bezel. Also on obverse there is what appears to be an acid test mark, which looks "creamy", but that is only telling when it's fresh.
Yes, you are quite correct, it is a bezel or possibly the bottom of a Sterling silver dish? And I'm not so sure it's counterfeit, the LIBERTY in the headband looks pretty convincing. The obverse appears to have been buffed, and there is plenty to not like about the coin, but it probably is real enough to serve a nice Caesar salad from!