So I'm getting that it weighs less than a clad half at minting, so I can say the weight reduction could be accounted for with circulation wear, got it.
I can about 50% believe the plating story as that is a good bit of Silver to cover the surface, so that might come out to 10%.
**But what is the kicker for me, is how a clad coin can go from almost 92% Copper and 8% Nickel to 68% and 20% respectively. Was Nickel added, was Copper removed? This seems strange to me.
Lets say the clad composition stayed the same, minor wear, and there was no Silver on the XRF. (68/88)*11.26= 8.7 grams Copper and that would leave 2.56 grams Nickel. This from a coin that started off with 10.3 grams of Copper, and less than a gram of Nickel? Huh? If it is the same size as a half dollar, use your calipers, then there is really some explaining to do. Most of the Nickel was on the surface, why is there more now than what we started with? 20.5% of 11.26 grams is 2.3 grams, funky stuff.
My short answer: It's fake
My farfetched long answer: Copper was removed from the center and then replaced with Nickel from the surface. The surface Nickel that was removed and put into the center of the coin was replaced by the new surface Silver/Nickel alloy giving the outward appearance similar to that of a 40% half and it accounts for the increase in Nickel composition.
I really like the first theory though of another country coin being minted and this getting mixed in by "accident".