I hadn't noticed that... does looks rather dark in that exposed spot. Wouldn't be impossible for that to be peeling (thick) plating, however I get the feeling that might just be an effect of the lighting and that area might look like the lamination flaws on the obverse (which definitely are laminations, not plating coming off). Lima mint had a lot of planchet/alloying issues... so you see a lot of "hojas" and "hojitas" on these pieces. I actually have a Lima 1787 with a small planchet that actually goes through the coin. My impression is that this is a legit piece that displays an extreme of that. I suppose that if that 12:00 reverse spot actually is that dark in hand, that could even be a spot higher in copper content... Again, going back to the alloy issues, Lima pieces of this era sometimes have a splotchy tone effect. See this piece... I actually have a 1781 Lima 4R with the same obverse splotching... and I've seen others like that as well:
http://www.ebay.com/itm/CARLOS-III-...170759438839
http://www.ebay.com/itm/CARLOS-III-...170759438839



















