Hi, A Collector! I think it is starting to look this way, i.e. chemical. It could be as you suggest, but I have no way of knowing. I know for sure that the dealer who sold it to me would not have fussed with it in any way. He is a dealer, pure and simple, and does not even collect coins himself, so the culprit would have to have been someone coming before him. I have not attempted to remove these marks in any way. “This coin, if not unique, is certainly one of the few circulating $5 coins in the world (demonetised in 2016)” - I quote from the Numista comments. He saw it had an interest value and put it up for sale regardless of condition, and I was happy to buy it for 5NZD. The surface of the coin appears to be flaking off, but I am sure no colour change has been effected, apart from it now looks untidy and uneven, as you say, like it would after being in a liquid.
The only chemical I can think of that may cause this sort of damage is isopropyl alcohol, though I have not experimented with it myself. Acetone, in my experience, is not worth wasting time with, and any others I cannot think of. I tend to leave coins alone, although I believe cleaning has a time and place. Perhaps the damage occurred by accident?
Thanks very much for your input. Maybe your thoughts will ring a bell with someone else, and we will be able to solve this mystery together.
Cheers, AY