Im not sure how they were cut out,like alot of other stuff I post they were a donation from my mom. I remember her wearing them when I was younger. Thanks for looking
DiFirst a small hole is drilled in the coin, then a very fine jewelers saw blade is inserted through the hole and worked around the coins design, (by hand) cutting away the background. Thus leaving the coins figure floating inside it's outer edge (rim). The figure is then selectively layered (by hand) in Brilliant Gold & Silver. d a little research