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strange silver penny

Maineac

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While at one of my favorite mding spots, I found this strange looking penny about 5 inches deep.
Im stumped by this find for a couple reasons. Its silver in color (and as been in the ground for a while)
And it appears to have been a wheat penny before it was stamped by the lincoln bust. You can see the last number of the date (o)
Has anyone seen anything like this or have any ideas what it may have beeen?
Thanks for the help and for looking!
 

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