Coop, to create the second type of ring, drill out the center of the coin, so it is like a washer. Slide the coin onto a tapered ring mandrel. Gently hammer downward (the mandrel is standing up vertically) using a rubber mallet around the ring. This is effectively turning the "washer" almost half-way inside out. Since the mandrel is tapered, the final bit of hammering has to happen off of the mandrel. Polish the ring, and there you have it.
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