I have to admit I have a problem visualizing what could produce that and yet have the rest of the frame as well covered as it appears. Are you using the camera's shutter to control the exposure? Any possibility the shutter is not closing properly? With some spacing between the shutter and the pinhole plate, the result might be like shooting through a cylindrical hole and projecting the shutter leak via the pinhole. (I am assuming it is a vintage leaf shutter that opens and closes near the center optical axis.)
Maybe try some shots controlling the exposure with a lens cap and the shutter on Time or Bulb as a test?
Interesting!