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Were they making jewellery like this back in the seventies?
Coin jewelry has been around for well over 100 years, examples can be found dating to the 1800s. A piece from the 1970s is not significantly unusual.
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Also, if it was a coin at some stage, I can't seem to find a liberty head with only seven stars anywhere on the net. I've looked at so many liberty heads :) Just curious as to what it is.
I don't believe it was ever a true coin, i.e., a piece authorized and issued by a Government as money. It appears to be a privately-struck token/medalet.
The bent piece of metal at the top of the piece suggests to me that It might have once hung from a ribbon/cord/chain. It also appears to have rim damage in multiple places. Such damage is often the result of being mounted on a piece jewelry/in a bezel.
Collecting history one coin or medal at a time! (c) commems. All rights reserved.