I'm not sure. I buy these coins, and there are at least 2 dates of the $2 1/2 that almost all of them have it. One is the 1914-D, and I believe 1910 is the other. I do not know as much about the $5 coins, but it might be similar. Here is a MS 65 1910 with slight ring on the obverse: And here is a MS64 1914-D with the ring:
This is my thread from last month about my 1915 $5 https://www.cointalk.com/threads/gold-1915-5-half-eagle-indian.249193/ Rob
I think your 1915 1/2 eagle was a jewelry piece do to the discoloring under where the ring seems to appear . Also it's almost perfectly equal all the way around with no indent where the color is . JMHO .
I would agree.. since the color is different, and it appears polished, I would say it is a jewelry piece. Still a nice coin though!
Yes, there is a clear difference between my $5 and the $2.50s shown. I "knew" it was cleaned and likely former jewelry when I bought it. I paid little over melt and I'm happy to have it. I hope no one sees any signs of counterfeit on it though! Rob