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based on the proximity of the wreaths to the rim, it looks to me like the edge of this coin has been shaved, perhaps in an attempt to get a little silver "for free". That might explain the lack of milling on the edge as well as the low weight and small planchet size.
Good point. This seems almost obvious when the edge is supposed to be milled but is entirely plain. This didn't cross my mind at all, thanks!
I put a coin with the intended diameter (24mm, Panama 1/4 Balboa) for comparison with Numista's issue-free image:

It very well looks like the edges have been cut off. I can't see any obvious filing marks on teh edges but they have most likely been smoothed down from circulation and jewelry wear.
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And, to get a fairly accurate weight without an accurate scale, you can use the technique described here
Quite a simple yet effective scale, the issue is that maths is involved
