Actually, it's something I word have expected from ANACS not PGCS. PGCS better start making bigger slabs. I'm sending them my silver dollar belt buckle!
Curious about that too. Seems like a worker took the collar out before striking. Edit, It looks like the nail is bent from being struck, maybe it rested on top of the collar then was struck.
What would happen if it was reclassified exonumia? It would fit the definition better and there is no need for a grade. Or; maybe we should submit our own exonumia items and ask PCGS to grade them? It would open up a whole new source for TPG's income. If not exonumia, perhaps a new classification called buffoonery.
That's Ok, this isn't an error. It's a "deliberate". I see nothing odd about that. It has no wear so it is Mint State, so then you are just concerned with contact marks and the surfaces. No marks and good surfaces, why couldn't it be a 65? Ge the mint to strike them with coinage dies and I'm sure they would be happy to grade them for you. Why, somebody will buy it for way too much money (my personal opinion) and Heritage will make a nice commission. If it sells for the 10K they will get close to $2K in commission. Bingo!