I think the seller has guessed right; a jewelry mount was at the center of the reverse, and someone removed it, and attempted to "restore" the coin. Or at least, make a minor tragedy out of what was a catastrophe.
It hurts to look at that reverse, but so many nice old halves were used as jewelry. I had a bust half with a blob of solder covering the shield area. It was probably attached to a belt buckle.
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