Certainly looks like a Higley. A valuable piece even in this condition with a hole. One of the foremost experts on Higleys is Dan Freidus. He's out at the U of Mich. If you can send me better pics, I'll forward them on to him for his opinion. Even though it has a hole and is encrusted, if you could get the weight in grains it would help. If you know someone who reloads the grain scale for that is great and accurate.
Don Mituzas
Former contributor for Colonials to the Guide Book of United States Coins (1995-2003).
Founding member and first treasurer C4 - Colonial Coin Collectors Club