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Sounds like someone put in a cast iron seat and it worked loose. Once it came loose it was beat to pieces and expelled through the exhaust port into the muffler. If you remove the exhaust, you will find pieces in the muffler.
 
Yes I believe they are cast iron. Ive had the car for 4 years but don't know much about restore. My wife's uncle had the car and gave it to us before his passing. I don't believe the engine has been touched for many years. They gave it a new paint job and put it back at restore from the evidence.
 
Try to find someone who has a Kwik-Way or K O Lee portable seat tool and have a new seat installed by someone who knows what they are doing. These can be used in the car and work great.
 
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