That could be. The reason I steered away from Capped in the first place was the fact that just above the ribbons, on the capped bust coins the design has a large recess in it, pointing back towards the base of the skull. There appears no dent in the worn coin; the design slopes down and outward toward the ribbons sticking out. Now the ribbons themselves are dead on for a capped, which is what I considered first when I saw the coin. I just don't know... I modified your photo to show the recess, pointed at it with an arrow:
View attachment 694833
Shane, I know you are monitoring this thread. Can you see the letter "S" on the back?