1948 Wheat Penny Error? With Pics

If you look closely at the coin (not the ring it is in) you will note the raised rim which you see on common coins. That is formed because of the planchet was in a collar and had raised to for that rim edge to the coin. That is normal. The ring was added later or the coin was pressed into it later. If the edge is smooth, then I would agree with the pocket piece theory. If it has a rough area where there might have been a hook, then I would think it was a necklace setup for the coin to make a locket of it for possibly a birth year coin. But it is PSD. I would leave it in the holder and give it to a person born that year. (They would probably be 66/67 now) They might appreciate it more than the rest of us. If you remove it and it was pressed into the holder, then the coin is probably damaged on the outside edge of the coin. So I would leave it in tact.

If you look at the picture of the wheat side at bottom it looks like it was stamped an extra time right there as well. I read that the metal is cut out into roughly that size and then the face sides are pressed to for the penny..could this be the press didn't go far enough?

That is an awesome piece regardless! Very cool