The ring is punched out in 2 times. First the core is stamped out, and then the sheet of metal is fed into a second machine, that stamps out the rings. There must have been een offset-problem indeed. during the mintingprocess, core and ring are fed together between the dies, and struck, which locks the core in the ring.
This case is a planchet error, rather than a mint error.
A similar error, is when the core isn't placed in the ring properly, and then you get the smushed egg jolk-effect.

SourceBut in that case, the ring and core were produced as they should have.
Nice error though.
Jos