It could have been encased. Is the edge grooved any? Not that they necessarily always are, but that's a sign.
Not really. The half dollar I have is not rounded on the edge like this is and people say it was "spooned". Course I would believe this one to be spooned before I believe the half was made the same way. My only problem with believing this one to be spooning is I cant find any traces of the L in liberty. I would think youd still be able to see it sticking out from the edge. But who knows?