It's easy, when the "mechanic" lowered the cylinder block on to the pistons he didn't have the rings correctly compressed, a piece of the ring snapped off and fell into the engine. It's too big to be sucked into the oil pump, so it just lived in the sump with those pieces of the cylinder base gasket.
The "fin" looks like one of the fins cast into the lower crankcase, are there any chipped off? If it's a compression ring (the early bikes had one piece oil rings, so it could be an oil ring, but I think it looks more like a compression ring) it won't blow smoke, it'll just be down on power a little, probably.
If it's running well with plenty of poke, (for a 45 year old bike) then it's probably not worth digging into it, it's probably been like that for years.