Model?
New?
Used?
When was it purchased?
There are a lot of possibilities based on the information you've provided. In order to give you the right information, I would need to know a few more things.
We've never used phenolic inserts as standard protocol, but it may have been a special order.
It may also have been partial that someone else put the joint in.
Mid last year, we changed our collar attachment design. This is identifiable by the amount of wood tenon exposed on the joint face. The older style had .625" of wood and the newer style has .525" of wood exposed. The new style still has a .625" tenon, but only for a small length closest to the shaft, then threads, then a small tenon to leave a clean round edge exposed at the joint face.
You may have seen one with the newer collar design. If so, when you machine down to .625", you won't have cut all the original collar away. There is still more than sufficient tenon and threads for structural integrity. Also, you should have no issues gluing to the phenolic, so a slip on collar will work just fine.
Royce