Very Strange Morgan Dollar

Can anybody help me identify this Morgan dollar coin. It might be a possible error? I am really not sure, my grandfather said his father gave it to him when he was a kid. You can't see it from my pictures but it is a 1901-S Morgan. The dates and lettering is on the inside brim of the "coin".

 

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Someone started to turn it in to a coin ring or napkin ring. Similar to the one herehttp://www.etsy.com/listing/73711553/simply-elegant-a033?ref=sr_gallery_34&ga_includes%5B0%5D=tags&ga_search_query=morgan+dollar+ring&ga_page=2&ga_search_type=all&ga_view_type=gallery

 

What do you believe its worth?

 

Probably melt value only. Severely damaged coin.
Someone may be interested to finish turning it into a ring.

 

Damaged goods... melt.

 

could I return it to its orginal shape? or is it completely damaged?

 

It's pretty far gone, sorry.

 

She is long gone. No resurrection in her future.

 

Damaged goods.........to bad. But you know what they say about sentimental value, priceless, as a family keepsake.