When a coin like this is not in pristine condition it becomes a guessing game. You hit most of the possibilities.
Two can be ruled out. It wasn't "spooned" and it is not a
Dryer Coin. Spooning would not have been done and even if it was it would have rounded the entire edge and not a part of it.
The same would be true if it were a
Dryer Coin.
There is an outside chance that it was a partial collar strike that ended up being circulated.
I lean more toward the "being pressed into a bezel or encasement theories" but still I can't be conclusive.
If the coin were a partial collar strike like that, the obverse would have had no rim and you can clearly see a rim. I also suspect that the diameter of the obverse on this coin is the same as that of the obverse on a normal nickel. If that is the case, the obverse on this coin could not have been out of collar (above the collar) during the strike.
The obverse also shows two little marks that were probably the result of someone using a small tool like a small awl or screw driver to pop the coin from it's encasement.
I don't think it will come apart as it is not related to any
Magician's coins so don't try to damage it any further.
Anyway, that's pretty much my take on it. I lean strongly toward a damage of some kind done outside of the mint.