I had to look up the game, I'd never heard of it: Conkers
The runner up alleges that the winner was cheating by swapping their chestnut for a steel one. It sounds like a hole needs to be drilled through the nuts in order to play, so I wonder if the steel one was rigged so you could actually play with it. Otherwise it's just a whimsical knick-knack.
However, the alleged cheater is also a judge in the competition. You have to be especially careful about perceived biases when you're the judge. For most events I can think of, a judge simply wouldn't be allowed to play. The same often goes for event organizers
If he didn't cheat, then good for him. He's been trying for 50 years and he finally did it.
And if he did cheat, well, after trying for 50 years and never taking home the title, I understand the motivation even if cheating is contemptible.
It's not clear to me if this still conker was painted or otherwise designed to pass as a real one. I could see someone who was an enthusiast carrying around a metal version as a good luck charm or a memento.