I had a lot of fun researching that one. It turns out that it is a "LUCKY PENNY" that was removed from the aluminum holder. The ring was caused by the die used to compress the holder around the penny. Here is an example of one on ebay: https://www.ebay.com/itm/1901-India...148289?hash=item547e798e01:g:9lEAAOSwpJReMjHr