Actually, I believe that the gentlemen were probably referring to the 'depth' of the drum shell, rather than the diameter. Possibly a 20" floor tom originally - any extra lug holes visible? What about re-rings? No idea on value, sorry.
Pics added above . You can see where it was rolled into a smaller diameter . The extra shell was not cut off .It is inside and now two of the lugs are closer to each other . So I do think they were talking making a larger diameter drum into a smaller one . Not so much the depth . I gotta say the lugs on these drums are so beautiful . So much style !