That is simply a Gen 2.1 with a missing outer ring. Some people have taken these Gen 2.1 and 2.2's, removed the outer rings to repair or replace the rings on the Doily holders.
What @C-B-D said. The next generation had a very similar look, but the ring is part of the shell not an add-on piece. If you - very gently - poke a finger nail between the purported pieces, you will feel a little give on the multi-piece shells.
The ring is a third part to the holder. The holder is very similar to the rattler that preceded it. PCGS calls it a "Collar" that surrounds a 2 part holder. Pale Green Perforated Label Plastic collar surrounds 2-part holder PCGS logo in plastic on collar at bottom right Pale green perforated cardboard stock "PCGS" sometimes appears on the top of label The doily pattern is replaced with solid light green label. Transitional and used very briefly. Scarce.
Think of it this way. PCGS took the rattler holder, then added a third part, a plastic collar that surrounded the rattler. They did this to help with the security of the holder as well as making them interlocking when stacked. This design did not last long and is what makes up the PCGS Generation 2.0, 2.1 and 2.2 holders.
Sort of. The holder is still sealed together in the way that a rattler is sealed. The outer collar is a second sealed layer to the holder. So it is compromised in that it is missing the outer collar.
If you notice in your OP, that the coin is a very common MS-63 1886 Morgan Dollar. More than likely what happened is, someone pried the collar apart and used it to replace a broken collar on a Doily. Because Doily's are so collectable it makes sense to repair them using parts from a less collectable holder such as the 2.1 and 2.2. I've never done this myself, but have heard of it being done.
PCGS now has a "history" section on their website that may interest you, and this is aside from the work others have done that can be found on different forums (start with CU).
