1921 dollar "Initial" bangles - need help with ID

Hi, I'm having some difficulty finding info on a pair of items my mum found at a secondhand shop and was wondering if anyone here could help? (Images attached)

They are two bangles that look to be made from 1921 american silver dollars - "1921" and "E PLURIBUS NUM" (yes, num, NOT unum, oddly) appearing on the inside of the bangles, and what appears to be enamel on the outside. One has white enamel and one black. Each has the word "INITIAL" on the front in silver, raised out of the enamel. Aside from the different coloured enamel they are identical.

Looking for information about them has proven difficult as, of course, using "initial" as a search term brings up hundreds of results about jewellery with people's initials as opposed to the literal word "initial" being on the piece. There's also no other marks that might help with identification, aside from those originating from the coins they were presumably made from (or perhaps made to look like they were made from?) so I really don't know where to start. Also, if it's of any relevance, I'm located in Australia.

Thanks in advance for any help/info anyone can provide!

 

What are the dimensions and do both edges have the round beading?

 

Yes, both edges have the same pattern. The band is 7mm wide (i.e. from the top patterned edge to the bottom) and 3 - 3.5mm thick, and the entire bangles are around 68mm by 45mm.

 

One further thing, while I'm not convinced they are in fact made from silver dollars (aside from the spelling difference, comparing with a 1921 silver dollar we have the stars are aligned differently and the font in "1921" seems different) my mum is pretty certain they are at least real silver. I trust her judgement as she's very skilled and has a lot of experience in picking valuable items from secondhand shops based on the metal they're composed of.

 

How very strange. I hope somebody can solve this for us.
Do you think it could have been some sort of goofy sample for initial bracelets ('your initial here' type thing)?

 

I thought of that, it's definitely a possibility. I'm not sure how likely/viable it'd be to offer custom lettered bangles in this style though, as I'm not an expert in jewellery-making processes.

Also doesn't explain the nice neat and identical between the two, but still not-quite-right silver dollar markings on the inside...

 

Die struck/rolling mill with a "pocket" to insert letters.Letters soldered in,bracelet formed and enameled.Most likely they were salesman samples.

 

Well, now!